News
VT Represents at AICPA Councll
Nov 1, 2024 —
VT CPAs take a trip to Atlanta
October 22-24, 2024, the Chair of the Board, Matt Cleare, and VT CPA and AICPA Council Member Frank Cody traveled to Atlanta for the AICPA Council meeting. Sadie Fischesser, the Executive Director, was also in attendance for the meeting and attended a pre-conference with executives from other state CPA societies through the CPA/SEA (CPA Society of Executives Association). It was an invigorating meeting. The group heard from and learned with people connected to the profession from all over the country and the world.
New era for AICPA
The Council wished a fond farewell to Barry Melancon, who will be retiring at the end of the year and has led AICPA for over 30 years. Mark Koziel will be taking on this role beginning in January. See the announcement from AICPA here.
Updating the UAA-your comments can make a difference!
One of the major topics of the Council meeting was updating the Universal Accountancy Act. This is a joint effort between the AICPA and NASBA. The proposed changes are intended to expand the pathways to CPA licensure, protect interstate practice, and clarify mobility questions.
The exposure draft is currently open for public questions and comments. Your input is essential. AICPA and NASBA will be addressing all public comments and issues, but the deadline is December 30.
- Section 5 focuses on the expanded pathway
- Section 23 ties in mobility and equivalency
Access the exposure draft via the AICPA website here. Download the exposure draft and the link to provide comments is on the first page.
Expanding the pipeline-another place for your input
Another effort that AICPA and NASBA are undertaking to expand the pipeline of people entering the CPA ranks is to create a Competency-Based Experience pathway. This would be developed to exist in parallel with the more traditional existing routes to licensure and is based on research from the National Pipeline Advisory Group report.
Competencies include general business skills as well as technical skills. Many Council members commented that the competencies were things they could add into job descriptions and HR practices now because they felt very relevant. The draft includes appendices that offer definitions and examples of the competencies, sample activities, and a sample certification document at completion (to be completed by a CPA).
This exposure draft is also open for public questions and comment. The deadline is December 6 for questions and comments.
You can access the exposure draft for the CBE proposal via the AICPA website here. Like the other draft, you can access the form to submit comments in the draft on page 3 or directly here.
Learn more
There is more information about these issues on the AICPA website and they were discussed at the most recent AICPA Town Hall on October 24, 2024.
Stay in touch
If you have any questions or concerns, please reach out to Sadie; she can also put you in touch with Matt and Frank. Also, if you do submit questions or comments on the exposure drafts, please copy them to us! We want to know what you think about these important issues for the profession.
