Accounting
AICPA, NASBA approve CPA licensure model legislation
The American Institute of CPAs and the National Association of State Boards of Accountancy have given their approval to new model legislation providing an alternative path to a CPA license in an effort to attract more people to the accounting profession.
The optional path aims to maintain public protection while offering additional flexibility and options for CPA candidates. The changes will add an extra pathway to CPA licensure requiring a baccalaureate degree, including an accounting concentration, along with two years of experience, and passage of the Uniform CPA Examination.
Other revisions to the model legislation, which can be used by states, include a shift from state-based mobility to an individual-based practice privilege that would maintain a CPA’s ability to practice across state lines with just one license. There’s also new safe harbor language allowing CPAs who were licensed under differing education, experience and exam requirements as of Dec. 31, 2024, to continue to have practice privileges under mobility.
The AICPA and NASBA
“By aligning our model legislative framework with the laws recently adopted in certain states, we’re encouraging removal of outdated barriers and reaffirming our commitment to a truly mobile CPA profession,” said Susan Coffey, the AICPA’s CEO of public accounting, in a statement Wednesday. “Businesses today demand seamless practice across state lines, and this action provides legislators and regulators with a model under which CPAs can meet that need without disruption. This is how we protect the public while keeping the profession strong, relevant, and ready for what’s next.”
The additional path will be included in the amended Uniform Accountancy Act to be released early this summer by AICPA and NASBA. The UAA offers state legislatures and boards of accountancy a national model that can be adopted in whole or in part to meet the needs of each individual jurisdiction.
“NASBA and Boards of Accountancy remain committed to maintaining public protection while implementing these changes to the UAA,” said NASBA president and CEO Daniel Dustin in a statement. “We will continue to work closely with state boards as the new pathway and changes to CPA mobility are implemented.”
The new pathway envisions a wider role for experience to be determined at the jurisdiction level. Individual states will still need to formally enact legislation and/or adopt rules and regulations, depending on the jurisdiction, before candidates can pursue this path. To date, 14 states have done so.
The new pathway would be added to the existing pathways:
Post-baccalaureate degree with an accounting concentration plus one year of experience plus passage of the CPA Exam;
Baccalaureate degree with an accounting concentration plus 30 credits plus one year of experience + passage of the CPA Exam.
The updated edition of the UAA maintains that oversight and disciplinary authority over licensees continues with a state board of accountancy.
The AICPA and NASBA
As they begin this new phase, the AICPA and NASBA are also exploring opportunities for how to help CPAs navigate practice mobility as states enact legislation.
Total postsecondary spring enrollment grew 3.2% year-over-year, according to a report.
The National Student Clearinghouse Research Center published the latest edition of its
The report found that undergraduate enrollment grew 3.5% and reached 15.3 million students, but remains below pre-pandemic levels (378,000 less students). Graduate enrollment also increased to 7.2%, higher than in 2020 (209,000 more students).
(Read more:
Community colleges saw the largest growth in enrollment (5.4%), and enrollment increased for all undergraduate credential types. Bachelor’s and associate programs grew 2.1% and 6.3%, respectively, but remain below pre-pandemic levels.
Most ethnoracial groups saw increases in enrollment this spring, with Black and multiracial undergraduate students seeing the largest growth (10.3% and 8.5%, respectively). The number of undergraduate students in their twenties also increased. Enrollment of students between the ages of 21 and 24 grew 3.2%, and enrollment for students between 25 and 29 grew 5.9%.
For the third consecutive year, high vocational public two-years had substantial growth in enrollment, increasing 11.7% from 2023 to 2024. Enrollment at these trade-focused institutions have increased nearly 20% since pre-pandemic levels.
Jordan Vonderhaar/Photographer: Jordan Vonderhaar/
The Internal Revenue Service has released
The Inflation Reduction Act of 2022 amended Sec. 55 to impose the CAMT based on the “adjusted financial statement income” of an “applicable corporation” for taxable years beginning in 2023.
Among other details, proposed regs provide that “applicable corporation” means any corporation (other than an S corp, a regulated investment company or a REIT) that meets either of two average annual AFSI tests depending on financial statement net operating losses for three taxable years and whether the corporation is a member of a foreign-parented multinational group.
Prior to the publication of any final regulations relating to the CAMT, the Treasury and the IRS will issue a notice of proposed rulemaking. Notice 2025-27 will be in IRB: 2025-26, dated June 23.
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