Proposal would give foreign accountants a path to CPA

Holders of qualified designations would still need to pass an examination.

Changes proposed for the Uniform Accountancy Act (UAA) and the Uniform CPA Examination Model Rules are designed to help holders of qualified foreign designations apply for state licensure as a CPA, and the proposal supports the updated Uniform CPA Examination.

The AICPA and the National Association of State Boards of Accountancy (NASBA) published an exposure draft containing the proposal and seek comments by Sept. 1.

Under the proposal, holders of qualified foreign designations would have a unilateral pathway to CPA licensure. The NASBA/AICPA International Qualifications Appraisal Board would conduct an evaluation to verify that the foreign designation has licensing requirements that are substantially equivalent or higher compared with those in the UAA.

Applicants with approved designations would still be required to pass the International Qualification Examination.

The current UAA requirement that the foreign body have reciprocal recognition of U.S. CPAs would be eliminated. Currently, the AICPA and NASBA have mutual recognition agreements with six foreign accountancy bodies.

Comments on the ED can be emailed to uaaexposuredrafts@aicpa.org or lhaberman@nasba.org.

SPONSORED REPORT

Implementing a global statutory reporting maturity model

Assess your organization's capabilities and progress toward an ideal state of global statutory reporting. Sponsored by Workiva.

100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.