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04 OCT 2024 / AICPA
Are you an accounting professional concerned about the future of the profession? Then you’re likely aware of the talent shortage the industry is currently facing. The Uniform Accountancy Act (UAA) is a crucial piece of legislation that aims to standardize licensing and practice requirements across the United States. Let’s explore how this model could impact your career and the accounting industry as a whole.
This month, the AICPA and NASBA proposed a new pathway for CPA candidates. Instead of the 150-credit hour requirement, candidates with a bachelor’s degree and the right coursework can now qualify by demonstrating their skills. Let’s take a look at what’s been proposed to boost the industry.
To open doors for more people to pursue careers in the field of accounting, the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) have put forward some updates to the profession’s model law. The Uniform Accountancy Act (UAA) provides a flexible guide for state legislatures and accountancy boards. The proposed updates could help states adopt the CPA Competency-Based Experience Pathway, a new route to licensure introduced by the AICPA and NASBA.
This pathway would let aspiring CPAs showcase their professional and technical abilities on the job, once they've earned a bachelor’s degree and fulfilled their state’s required accounting and business courses. The AICPA and NASBA shared a draft of this proposal on September 12, and the public comment period is open until December 6.
Let’s take a look at what’s been proposed to boost the industry. Both the AICPA and NASBA have made some key updates to the UAA to help states adopt the new CPA Competency-Based Experience Pathway. These changes aim to:
These updates are designed to make the new pathway easier for states to adopt while keeping things streamlined for professionals.
In addition, the NASBA Board of Directors has given the green light to some UAA Model Rule changes. These updates clarify the definitions around the new licensure pathway and the experience needed to issue an initial CPA certificate under this proposed route.
The AICPA and NASBA seek feedback on these proposed changes, with the comment period open until December 30. You can submit your thoughts to UAA Exposure Draft Comments if you'd like to weigh in. Stay tuned for more updates and subscribe to our newsletter to get them delivered straight to your inbox!
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