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FOCUS on licensure


Accounting educators will play a vital role in preparing students to pursue the CPA under this new licensure model. Many universities will need to update their accounting curricula to prepare students to meet the demands of the marketplace.


An update on the 


T


he CPA Evolution is a joint initiative of the National Association of State Boards of Accountancy (NASBA) and


the American Institute of CPAs (AICPA) that is transforming the CPA licensure model. Tis initiative aims to reflect the rapidly- changing skills and competencies the accounting profession requires today and will require in the future. It will put in place a flexible and adaptable licensure approach that will serve as the foundation for future-proofing the CPA profession. Over the past three years, NASBA and the


AICPA gathered input from more than 3,000 stakeholders across the profession, asking for feedback on how to transform the CPA licensure and meet the needs of the marketplace. During these conversations, several key themes became clear: • Te profession supports the need to change the CPA licensure model;


• Newly-licensed CPAs should all demonstrate strong common core competencies;


• Te new CPA licensure model should position the CPA for the future; and


• Te new CPA licensure model should continue to protect the public interest.


In 2020, both the AICPA Governing Council and the NASBA Board of Directors voted to support advancement of the CPA Evolution initiative. Te AICPA and NASBA are now moving forward with implementing the new model.


What is the new licensure model? Te new CPA licensure model takes a core + discipline approach, starting with a deep and strong core in accounting, auditing, tax and technology that all candidates will be required to complete. Each candidate will also choose


10 CPAFOCUS July/August 2021


a discipline to demonstrate deeper skills and knowledge. Regardless of chosen discipline, this model leads to full CPA licensure, with rights and privileges consistent with any other CPA. A discipline selected for testing will not mean the CPA is limited to that practice area. Tis model: • Enhances public protection by producing candidates who have the deep knowledge necessary to perform high-quality work, meeting the needs of organizations, firms and the public.


• Is responsive to feedback, as it builds accounting, auditing, tax and technology knowledge requirements into a robust common core.


• Reflects the realities of practice, requiring deeper proven knowledge in one of three disciplines that are pillars of the profession.


• Is adaptive and flexible, helping to future- proof the CPA as the profession continues to evolve.


• Results in one CPA license.


Why does CPA licensure need to evolve? Te environment in which CPAs operate is changing at a rapid pace. As complexity in the marketplace has increased, the body of knowledge required for newly licensed CPAs has expanded. Entry-level CPAs are performing more


procedures that require deeper critical thinking, problem-solving and professional judgment. Newly-licensed CPAs need to know more than ever before to meet the needs of firms and the public.


Te AICPA and NASBA believe the new


licensure model will support evolving business and firm needs while continuing to serve the public interest.


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