Rule changes proposed
The Board is proposing various changes in the accounting rules. Many are housekeeping and pretty minor. But a few have more impact. One major change is to bring all accountants up to the same level of CPE - 20 credits per year, 120 over each 3-year period. This is already required for those who are members of the AICPA. The change wouldn't happen immediately. It won't be fully in place until the 3-year period that ends June 2022. So one could wait until the 2021 to 2022 CPE year, but that year's load would be 120! Those accountants not in public practice have a couple of options that eliminate the need for any change. One option is to use the term "inactive" when using the CPA title. Another option is to not use the CPA title, an approach some already use. If those options aren't comfortable, there are numerous educational options available, some without any cost. Well-known names such as PWC, Robert Half, KPMG and the AICPA provide some no-fee options. Subscription options are also available that allow multiple credits at a fixed subscription as low as $95. For wording of the proposed changes, see 2017rules.pdf. For a regulatory analysis, see: regulatory.pdf. Information is also available at the Board office, 800-532-5904, or firstname.lastname@example.org.
NOTICE OF INTENT TO AMEND ADMINISTRATIVE RULES
The N.D. State Board of Accountancy will hold 2 public hearings to address proposed amendments to N.D. Admin. Code Title 3 [numerous sections] at: 8 am Monday Oct. 2, at 2701 S. Columbia Rd. Ste. B, in Grand Forks, and also at 4 pm, Oct. 2, at the Bismarck Public Library Room 1, 515 N. 5th St. The purpose of the proposed amendments is to update and revise various accounting regulations.
The proposed amendments address the following subjects:
- Adds ethics content to the continuing professional education (CPE) of accountants - 6 hours over 3 years. This is required in various other states.
- Expands the non-public CPE obligation to 120 hours per 3 years; equal to that of public practice. This is required in most other states.
- Divesting may be required of any firm owner, in the event of fraud, etc. - Allows for removal of the owner.
- Firm names may continue to be used, if an owner is incapacitated. Accommodates continued use of the name.
- Widens the services requiring peer review. - Any services encompassed by the national program would be included.
- Removes some detail about exam "windows". This includes outdated details, and perhaps simplifying.
- Allows various higher fees, within fixed maximums. This provides future flexibility when needed.
- A certificate or permit is considered relinquished at Aug. 31. Specifies current practice.
- Changes "retired" status - allowing some work, adding an age factor, requiring use of "retired".
- Broadens the CPE "catch up" provision, to include those wanting to start using the CPA title.
- Various other housekeeping changes
The proposed amendments could possibly have an impact on the regulated community in excess of $50,000, depending on the choice of licensees.
The proposed rules may be reviewed at the NDSBA office, 2701 S. Columbia Rd. Ste D, Grand Forks, or on its website nd.gov/ndsba.
A copy of the proposed rules and regulatory analysis may be requested by writing to the above address, e-mailing email@example.com, or calling 800-532-5904.
Written or oral comments on the proposed rules sent to the above address or telephone number and received by Oct. 16 will be fully considered.
If you plan to attend the public hearing and will need special facilities or assistance relating to a disability, please contact the NDSBA at the above telephone number or address at least 5 days prior to the public hearing.
Dated August 23, 2017.
Jim Abbott, NDSBA Exec. Dir.
ABOUT US. The Board of Accountancy reviews the qualifications of CPA candidates, annually registers accountants, monitors continuing education and addresses consumer concerns. Most Board records are open to the public, with no time limits (other than the record retention schedule). For records access, contact the Board office. There are 5 Governor-appointed board members. The office and staff are located in Grand Forks.
NEXT MEETING: December 8th, at 10 am, at 4310 17th Ave. S, Fargo (EideBailly office). If phone connections are used, a phone will be available at this location. Contact 800-532-5904 for further info.
MEETING NOTES: are available at Meeting Notes.docx.