Boards of Accountancy Considering Credit Extension and Other Relief
Due to the limited testing schedule and delayed score releases in 2024, the CBT Administration and Executive Directors Committees of NASBA have recommended a policy to Boards of Accountancy for consideration, which would allow candidates with Uniform CPA Examination credit(s) on January 1, 2024, to have such credit(s) extended to June 30, 2025.
Each Board of Accountancy must individually consider if it wishes to adopt such a policy. NASBA has published a map on its website, which will be updated as boards consider the policy. To date, 39 jurisdictions have already approved the policy. Others will be reviewing it at upcoming board meetings. In some states, the board may be favorably inclined to adopt the policy, but legislative rule making may be required, which could take some time.
Boards of Accountancy will also be asked to consider a rule change that is currently under exposure for comment. It is anticipated that the model rule under the Uniform Accountancy Act, could be available in final form by early 2023. Such a rule, if adopted by a Board of Accountancy, would shift the start date of the 18-month credit period to the date a passing score was released by NASBA to the candidate or a board. Currently, many boards utilize earlier dates such as the date a candidate tests. If adopted, this could provide additional relief to candidates. Each board must decide whether or not to change their rules. This will be a longer-term initiative, as rule changes can take some time, depending on the jurisdiction. NASBA will develop and publish a map showing jurisdictional rules on this topic in the near future.
Transition Policy Reminder
The new CPA licensure and CPA Exam model is a Core and Discipline model. In February 2022, a transition policy was announced. This policy lays out how CPA Exam sections passed under the current CPA Exam map to credit under the 2024 CPA Exam. Candidates who will start taking the CPA Exam in 2023 but continue to take sections in 2024 should review this policy and the FAQs on NASBA’s website.
It’s never been a more exciting time to pursue the CPA license. The role of today’s CPA has evolved, and newly licensed CPAs are taking on increased responsibilities that were traditionally assigned to more experienced staff. Becoming a CPA means you’ll need great skill sets and competencies, and a greater knowledge of emerging technologies. That is why the CPA Evolution initiative is underway.
As additional information becomes available pertaining to CPA Evolution and the 2024 CPA Exam, we will continue to share it with you.
FAQS are available that might answer some of your more detailed questions regarding the information provided above, as well as the transition policy released in February 2022.
Additional information and FAQs regarding the CPA Evolution initiative are available at EvolutionofCPA.org. If your questions on the new CPA licensure model and CPA Exam are still not answered, please reach out to us at Feedback@EvolutionofCPA.org.
For information on becoming a CPA, please visit This Way to CPA.
This communication to CPA Exam candidates has been shared with Boards of Accountancy, State CPA Societies, accounting academia, CPA Exam review course providers and other accounting organizations.