The AICPA and NASBA have exposed for public comment changes to the Uniform Accountancy Act (UAA) that would simplify the international pathway for licensure and update the UAA Model Rules related to the CPA Exam.
The full Exposure Draft is available for download here, and comments on the proposed changes are requested by September 1, 2016.
A growing global economy and the worldwide demand for skilled CPAs and their foreign counterparts suggested that there was a need to re-examine the current Mutual Recognition Agreement (MRA) process and find options to streamline the ability of CPAs and their foreign counterparts to practice internationally.
The proposed international pathway would eliminate the quid pro quo provision currently in the UAA that recognizes holders of substantially equivalent foreign designations and allows them to apply for state licensure as long as the foreign authority that granted the designation also grants the designation to U.S. CPAs. Under the new pathway, the AICPA/NASBA International Qualifications Appraisal Board would still conduct in-depth reviews of the education, examination, and experience requirements of foreign designations, and those with approved designations would still have to pass the International Qualifications Examination (IQEX) to become licensed. However, the need for reciprocal recognition of U.S. CPAs by a foreign body would be eliminated.
Proposed Exam changes to the Model Rules include revisions to allow for testing in the third month of a test window, and removal of the number of test sections that comprise the Exam.
For more information about the Exposure Draft or the UAA Committee, please contact Suzanne Jolicoeur at firstname.lastname@example.org.