The AICPA/NASBA Uniform Accountancy Act (UAA) Committee announces the release of the Uniform Accountancy Act (UAA), Eighth Edition, January 2018. The latest edition of the Act includes several important updates, ensuring protection of the public interest and responding to the evolving changes in the practice of accountancy.
Among the major changes to Section 6(d) of the Act is a provision for a retired CPA category. Under this provision, CPAs 55 years of age and older can elect to place their license in an inactive status and discontinue meeting continuing professional education (CPE) requirements. For CPAs at the end of their careers, this provision offers an exception to ensure they can continue to offer a limited number of volunteer, uncompensated services to the public.
The second major change, found in Section 6(g), allows for the awarding of a certificate to a holder of a substantially equivalent foreign designation without the need for mutual recognition of U.S. CPAs. The objective of this provision is to provide international reciprocity to qualified individuals.
Also, in Section 3 of the Eighth Edition is a definition of “preparation of financial statements,” which serve to clarify other provisions of the Act.
Changes were also made to the UAA Model Rules, which serve as the baseline standard for use by Boards of Accountancy in state rules and laws. Significant changes were made to Articles 3 and 6 of the Model Rules, which relate to CPE. These rules, directed to the licensee, are in accordance with the revised “Statement on Standards for Continuing Professional Education (Standards),” found in Appendix A of the UAA. Additionally, the “Legislative Policy (Annotated) of the American Institute of Certified Public Accountants” (Appendix A in earlier editions of the UAA) has been deleted, as has the NASBA Model Code of Conduct (Rule 10-4 in earlier editions of the Model Rules), since neither represented joint statements of the AICPA and NASBA. Changes were also made to Article 5, clarifying the Uniform CPA Examination’s testing window and other Exam policies.
The release of the Eighth Edition marks the culmination of numerous meetings of the committees and task forces of the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA), as well as the discussions and comments developed by State Boards of Accountancy, State CPA Societies and other interested parties.
CLICK HERE for more information on the UAA and to read the Eighth Edition in its entirety.
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