Accountancy Statute Updates Pass Legislature
December 18, 2018
The New Jersey Legislature passed legislation on Dec. 17 to update the state’s accountancy statutes. The bill now goes to Governor Murphy for his review. The provisions in this bill were developed by the NJCPA and will conform our state’s statutes to the Uniform Accountancy Act (UAA).
The UAA is model legislation written jointly by the National Association of State Boards of Accountancy and the American Institute of CPAs. It is an "evergreen" model licensing law developed to provide a uniform approach to regulation of the accounting profession. It is designed to ensure protection of the public interest, respond to evolving changes in the practice of accountancy and make the interstate practice of accounting efficient. All of the states in the country adhere as much as possible to the UAA.
Changes in the bill include a new definition of attest, firm mobility and CPE reciprocity. Read the details here.