As state CPA societies across the country continue to review the profession’s ongoing pipeline issue, the Virginia Society of Certified Public Accountants (VSCPA) has put forth a recommendation from its 150-Hour Task Force, with the board passing the following strike and addition (in bold) to its standing position on the 150-hour rule:
“The Society endorses substantial equivalency and practice mobility as established under the Uniform Accountancy Act (UAA). This includes maintaining the UAA minimum requirements for examination, education (150 hours), and experience for licensure. The Society further endorses redefining the education requirement and advocating for a combination of traditional course work and/or other approved programs and experience relevant to the newly licensed CPA. In addition, CPAs from other states should be permitted to practice in Virginia under the substantial equivalency doctrine.”
The VSCPA board has also set specific pipeline-related goals for its 2023-24 membership year, including working with Virginia colleges and universities and other entities to create programs that allow CPA candidates to attain the 150-hour education requirement through internships or other experience-related programs. The society also plans to engage in a national dialogue to review the UAA and determine changes needed that reflect the current business and education environment, with VSCPA “rethinking the 150-hour requirement for earning a CPA license as state societies across the country try to come up with ways to entice more young people to join the accounting profession.”
The spring issue of VSCPA’s member publication includes a more detailed analysis of this debate.
