Quick update on the UAA and Competency Based Pathway drafts

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We will have a fuller update in our February News and Updates, which will be out later this month.

The joint committee of AICPA and the National Association of State Boards of Accountancy (NASBA) met in mid-February and reviewed the comments they received about the draft UAA (Universal Accountancy Act) and the draft of the Competency Based Pathway for CPA licensure.

The committee was very appreciative of the comments that were received from professionals, stakeholders, and especially and the state societies. The comments for both exposure drafts and summaries of the comments have been posted on the AICPA website.

UAA next steps

Based on the feedback received, the joint committee will be updating the draft UAA language to include a pathway for licensure that requires a Bachelor's Degree plus two years of experience and includes automatic individual mobility (with guardrails). This is in line with the legislation that is being proposed and is passing in many states.

Competency Based Pathway next steps

The committee agreed that this is not the right time to move ahead with the Competency Based Pathway. Instead, and in line with the NPAG report that was done about the pipeline, they will be working on the development of a research initiative that will help clarify and define the critical areas (outside of examination areas) for obtaining CPA licensure.

Resources

For more information, please see:

• AICPA website
• Article from Journal of Accountancy