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IDAHO STATE BOARD OF ACCOUNTANCY

Newsletter

July 2000 Volume 22 Issue No. 3

FREQUENTLY ASKED QUESTIONS...

“What Uniform Accountancy Act concepts are being considered for adoption in Idaho – and how can I voice my opinion?”

Non-CPA Ownership:

supports allowing up ownership of CPA firms.

to

49%

The Board non-CPA

At their June 2000 meeting, the Idaho State Board of Accountancy discussed specific components of the UAA proposal. Including:

150 Hour Education Requirement: The Board is considering requiring 150 Hours for licensure rather than exam. They would like to get the views of licensees and candidates.

Fourth Level of Reporting: The Board supports allowing licensees to issue non- SAARS financial reports, just as non-licensees can issue under current regulation.

Continuing Professional Education: The Board supports requiring 80 hours every two years with a 20 hour minimum per year. Currently Idaho requires a 30 hour minimum.

Commissions and Contingent Fees: The Board supports allowing them. The UAA says this form of compensation is only allowable for non-attest work from non-attest clients (client based). There is consideration to allow commissions and contingent fees for non-attest work even if attest work is done for the client in other engagements (engagement based). The Board is interested in licensees’ perspective on the different approaches. The Board has not yet endorsed one over the other.

comment.

Given general

support

for the

proposed

legislation

and

rule

changes,

The Committee plans to circulate drafts

relating t

o

the rules in early fall for public

legislation would be introduced during the 2001 Legislative Session with a July 1, 2001 enactment date.

We encourage you to relay your comments about the UAA to the Board office via e-mail, fax or mail.

UPCOMING EVENTS

INSIDE

July 31 July 31 Aug 31

May 2000 Exam Grades Mailed Last Day to Renew; $50 Late Fee Practice Unit Registration due

Sept 1

Deadline Nov 2000 Exam Application

Nov 1&2 Uniform CPA Examination

State Board Chairman Recognized Special Recognition Practice Unit Registration Info Retired & Inactive Status Requests Change of Address Form

pg 2 pg 3 pg 4 pg 5 pg 6

ISBA July 2000 Page 1

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