UAA Exposure Drafts May 2017 SRU
Two exposure drafts related to the UAA and the UAA Model Rules were released in recent months by the Joint AICPA/NASBA Uniform Accountancy Act (UAA) Committee, with a third Exposure Draft to be released in the coming weeks.
SSARS 21 & UAA Updates - The Exposure Draft revises outdated sections of the UAA and UAA Model Rules by including a definition of "Preparation of Financial Statements," updating the definition of "compilation," removing the five-year period for adopting the 150-hour requirement, removing the AICPA's Legislative Policy in Appendix A, removing the NASBA Code of Conduct in the Model Rules, and making changes to achieve consistency in capitalization and punctuation.
Comments on the Exposure Draft are requested by June 1, 2017 and can be sent to Suzanne Jolicoeur at Suzanne.Jolicoeur@aicpa-cima.com or to Louise Haberman at lhaberman@nasba.org.
CPE Model Rules - Updating the CPE Model Rules became necessary as a result of the newly revised Statement on Standards for Continuing Professional Education (CPE) Programs that were issued in August 2016. Nano-learning and blended learning are being added to the Model Rules, as well as the amount of credit that can be earned for each. The proposed revisions also include a requirement that CPAs complete at least 50% of their total CPE in technical fields such as accounting, auditing, tax, finance, and management services; and a requirement that CPAs complete an average of not fewer than 40 credits of CPE, including two credits of ethics, for each annual period included in a CPE reporting period.
Comments on the Exposure Draft are requested by June 30, 2017 and can be sent to Louise Haberman at lhaberman@nasba.org.
Use of Management Accounting Titles - In April, both the NASBA and AICPA Boards approved releasing an Exposure Draft that would explicitly allow the use of management accounting designations in both public accounting and otherwise, if it meets certain important criteria. The Exposure Draft will be released in the coming weeks with comments requested by September 30, 2017.
SSARS 21 & UAA Updates - The Exposure Draft revises outdated sections of the UAA and UAA Model Rules by including a definition of "Preparation of Financial Statements," updating the definition of "compilation," removing the five-year period for adopting the 150-hour requirement, removing the AICPA's Legislative Policy in Appendix A, removing the NASBA Code of Conduct in the Model Rules, and making changes to achieve consistency in capitalization and punctuation.
Comments on the Exposure Draft are requested by June 1, 2017 and can be sent to Suzanne Jolicoeur at Suzanne.Jolicoeur@aicpa-cima.com or to Louise Haberman at lhaberman@nasba.org.
CPE Model Rules - Updating the CPE Model Rules became necessary as a result of the newly revised Statement on Standards for Continuing Professional Education (CPE) Programs that were issued in August 2016. Nano-learning and blended learning are being added to the Model Rules, as well as the amount of credit that can be earned for each. The proposed revisions also include a requirement that CPAs complete at least 50% of their total CPE in technical fields such as accounting, auditing, tax, finance, and management services; and a requirement that CPAs complete an average of not fewer than 40 credits of CPE, including two credits of ethics, for each annual period included in a CPE reporting period.
Comments on the Exposure Draft are requested by June 30, 2017 and can be sent to Louise Haberman at lhaberman@nasba.org.
Use of Management Accounting Titles - In April, both the NASBA and AICPA Boards approved releasing an Exposure Draft that would explicitly allow the use of management accounting designations in both public accounting and otherwise, if it meets certain important criteria. The Exposure Draft will be released in the coming weeks with comments requested by September 30, 2017.
