Foreign Credential Holders and CPA State Licensure Requirements

The American Institute of Certified Public Accountants (AICPA) and National Association of State Boards of Accountancy (NASBA) proposed changes to the Uniform Accountancy Act (UAA) and The Uniform CPA Examination Model Rules requesting that a “unilateral pathway to CPA licensure would be provided for holders of qualified foreign designations.” These changes would allow holders of qualified foreign destinations to apply for state licensure as a CPA.

According to the Journal of Accountancy:

If the licensing requirements for the foreign designation are found to be adequate, the board would recommend that applicants holding that foreign credential be eligible to apply to a state for a U.S. CPA license. Applicants with approved designations would still be required to pass the International Qualification Examination (IQEX). 

Another aspect of the proposal would eliminate the UAA requirement that the foreign body recognize U.S. CPAs.  As stated in the Journal of Accountancy article:

Currently, the AICPA and NASBA have mutual recognition agreements (MRAs) with six foreign accountancy bodies. Under these MRAs, holders of specific foreign designations may apply for state licensure as a CPA in a state that recognizes the MRA as long as the foreign authority that granted the designation allows a licensed U.S. CPA to obtain the foreign authority’s comparable designation to practice.

Comments to the exposure draft are being accepted by the AICPA and NASBA until September 1st.

International Pathway Exam Exposure Draft
Proposal would clear path to CPA for foreign credential holders

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