Indiana CPA Society efficiently advocates for historic rule change for CPA examination

An official rule change will enable aspiring accountants from Indiana to sit down for the CPA examination with 120 credit score hours, efficient Nov. 2. 

The rule change is anticipated to assist alleviate the monetary burden attributable to the 150-credit-hours requirement and scale back limitations for college students from underrepresented communities. Moreover, the CPA examination will now not have testing home windows, which is able to enable steady testing and new makes an attempt on failed sections. 

Based on Indiana CPA Society president and CEO Courtney Kincaid, it was significantly difficult to implement this rule change in Indiana as a result of, opposite to different states, it wants a particular exemption from the governor. One yr after Governor Eric Holcomb signed the invoice into regulation, Indiana has joined the opposite 47 jurisdictions that enable candidates to sit down for the examination with 120 credit score hours, whereas nonetheless requiring 150 credit score hours for licensure. 

“Our authorities advocacy workforce labored with our lobbyists to introduce laws that may compel the Indiana Board of Accountancy to alter the rule round when a candidate can be eligible to sit down,” mentioned Kincaid. “This new rule resulted in additional success and better go charges for individuals who go the examination nearer to commencement. Now, we now have the chance to enhance these numbers much more.” 

Based on the 2021 AICPA Tendencies Report, the logistical points that college students face when learning for the CPA examination are among the many causes the expertise pipeline retains shrinking. The report discovered that the restraints of sitting for the examination in restricted time frames, which have been worsened by capability restrictions throughout COVID-19 lockdowns, are additionally at fault. 

The brand-new CPA examination has been designed to align with the brand new CPA Evolution Mannequin Curriculum, with a brand new concentrate on future applied sciences, and is about to launch in 2024. In Indiana, college students who full not less than one a part of the examination earlier than commencement are much more more likely to go all sections and change into licensed CPAs. 

“Taking sections of the examination simply after learning the fabric intensely throughout their school coursework can be an enormous assist for college students,” mentioned Diane Sturek, INCPAS board chair, in an announcement. “Additional, will probably be simpler to make learning for the examination part of their schedule earlier than they begin working full time.”

INCPAS has labored with the Indiana Register, Indiana Board of Accountancy, Indiana Skilled Licensing Company, AICPA and Nationwide Affiliation of State Boards of Accountancy to have this rule change mirrored throughout businesses.

“Most states have already adopted this rule, so this removes a aggressive problem,” mentioned Tom Bayer, INCPAS authorities relations advisory council member, in an announcement. “Now extra Indiana college students will be capable to come out of faculty with the CPA examination partially or totally accomplished, which can be a win for our career statewide.”