The American Institute of Certified Public Accountants (AICPA) and the National Association of State Boards of Accountancy (NASBA) have proposed amendments to the Uniform Accountancy Act to include the CPA Competency-Based Experience Pathway.
The changes are designed to define a new licensure pathway while ensuring mobility for certified public accountants (CPAs) licensed under the Uniform Accountancy Act (UAA) framework.
This initiative aims to provide an alternative route to CPA licensure. Both institutions revealed a proposal for the new pathway earlier this month.
The proposed changes would allow CPA candidates to qualify for licensure through demonstrated professional skills in the workplace, following the completion of a bachelor’s degree and the necessary accounting and business courses stipulated by their state.
The exposure draft for the Competency-Based Experience Pathway was released on September 12, with the comment period remaining open until December 6, 2024.
The UAA serves as a template for state legislatures and accountancy boards, offering a model that can be fully accepted or modified to suit the specific requirements of individual jurisdictions.
To support the adoption of this new pathway, the AICPA and NASBA boards have endorsed modifications to the UAA, designed to define an additional licensure pathway while ensuring mobility for CPAs licensed under the UAA framework.
Furthermore, the proposed changes are expected to assist state accountancy boards in identifying licensees who have qualified through non-UAA equivalent pathways via a national database.
This will provide a mechanism for those initially licensed outside the UAA to later meet its mobility requirements.
The NASBA Board of Directors has also approved exposure changes to the UAA Model Rule.
These changes update definitions to reflect the new licensure pathway and the experience required for issuing an initial certificate.
Last week, AICPA and Chartered Institute of Management Accountants announced the launch of the Registered Apprenticeship for Accounting and Finance Associate.
Source: https://www.theaccountant-online.com/