Read the full stored bill text
Senate
File
477
-
Introduced
SENATE
FILE
477
BY
COMMITTEE
ON
STATE
GOVERNMENT
(SUCCESSOR
TO
SSB
1141)
(COMPANION
TO
LSB
1872HV
BY
COMMITTEE
ON
STATE
GOVERNMENT)
A
BILL
FOR
An
Act
relating
to
qualifications
for
a
certificate
as
a
1
certified
public
accountant
and
including
effective
date
2
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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S.F.
477
Section
1.
Section
542.5,
subsection
7,
Code
2025,
is
1
amended
by
striking
the
subsection
and
inserting
in
lieu
2
thereof
the
following:
3
7.
a.
An
applicant
for
initial
issuance
of
a
certificate
4
shall
meet
all
of
the
requirements
of
either
subparagraph
(1)
5
or
subparagraph
(2):
6
(1)
The
applicant
meets
all
of
the
following:
7
(a)
The
applicant
has
completed
at
least
one
hundred
fifty
8
semester
hours,
or
the
trimester
or
quarter
equivalent
of
one
9
hundred
fifty
semester
hours,
of
college
education.
10
(b)
The
applicant
has
a
degree.
11
(c)
The
applicant
has
no
less
than
one
year
of
experience.
12
(2)
The
applicant
meets
all
of
the
following:
13
(a)
The
applicant
has
completed
at
least
one
hundred
twenty
14
semester
hours,
or
the
trimester
or
quarter
equivalent
of
one
15
hundred
twenty
semester
hours,
of
college
education.
16
(b)
The
applicant
has
a
degree.
17
(c)
The
applicant
has
no
less
than
two
years
of
experience.
18
b.
A
degree
required
under
paragraph
“a”
must
be
at
least
19
a
baccalaureate
degree
and
be
conferred
by
a
college
or
20
university
recognized
by
the
board,
and
the
degree
program
must
21
include
a
concentration
in
accounting
or
another
area
of
study
22
that
the
board
determines
to
be
substantially
equivalent.
23
c.
Experience
required
under
paragraph
“a”
must
include
24
providing
any
type
of
service
or
advice
involving
the
use
of
25
accounting,
attest,
compilation,
management
advisory,
financial
26
advisory,
tax,
or
consulting,
as
verified
by
an
applicant,
that
27
meets
the
requirement
prescribed
by
the
board
by
rule.
The
28
experience
may
be
in
the
government,
industry,
academia,
or
29
public
sector.
30
Sec.
2.
Section
542.5,
subsection
12,
Code
2025,
is
amended
31
by
striking
the
subsection.
32
Sec.
3.
Section
542.5,
subsection
13,
Code
2025,
is
amended
33
to
read
as
follows:
34
13.
A
person
holding
a
certificate
as
a
certified
public
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477
accountant
issued
by
the
state
prior
to
July
1,
2002
2025
,
is
1
deemed
to
have
met
the
requirements
of
this
section
.
2
Sec.
4.
Section
542.19,
subsection
1,
paragraph
c,
3
subparagraph
(2),
Code
2025,
is
amended
to
read
as
follows:
4
(2)
The
applicant
has
at
least
four
years
of
experience
5
within
the
ten
years
immediately
preceding
the
application
6
which
occurred
after
passing
the
examination
upon
which
the
7
applicant’s
certificate
or
license
was
based
and
which
in
the
8
board’s
opinion
is
substantially
equivalent
to
that
required
by
9
section
542.5,
subsection
12
7
;
and,
10
Sec.
5.
Section
542.19,
subsection
3,
paragraph
c,
11
subparagraph
(2),
Code
2025,
is
amended
to
read
as
follows:
12
(2)
The
applicant
satisfies
an
experience
requirement,
13
substantially
equivalent
to
the
requirement
set
out
in
14
section
542.5,
subsection
12
7
,
in
the
jurisdiction
which
15
issued
the
foreign
designation
or
has
completed
four
years
of
16
professional
experience
in
this
state;
or
meets
equivalent
17
requirements
prescribed
by
the
board
by
rule,
within
the
ten
18
years
immediately
preceding
the
application.
19
Sec.
6.
Section
542.20,
subsection
1,
Code
2025,
is
amended
20
to
read
as
follows:
21
1.
This
section
authorizes
a
person
or
firm
whose
principal
22
place
of
business
is
not
in
this
state
to
practice
public
23
accounting
in
Iowa
in
person,
or
by
telephone,
mail,
or
24
electronic
means
without
licensure
under
this
chapter
,
paying
25
a
fee,
or
providing
notice
to
the
board
under
the
conditions
26
described
in
this
section
.
Such
a
person
or
firm
must
hold
27
a
valid,
unexpired
license
in
good
standing
in
the
state
of
28
its
the
person’s
or
firm’s
principal
place
of
business
that
is
29
substantially
equivalent
to
a
comparable
license
issued
in
Iowa
30
in
conformance
with
subsections
5
and
6
,
and
such
a
person
or
31
firm
must
be
licensed
to
lawfully
perform
in
its
the
person’s
32
or
firm’s
principal
place
of
business
all
public
accounting
33
services
offered
or
rendered
under
a
practice
privilege
in
34
Iowa.
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477
Sec.
7.
Section
542.20,
subsection
6,
paragraph
a,
Code
1
2025,
is
amended
to
read
as
follows:
2
a.
The
individual
must
meet
the
criteria
for
substantial
3
equivalency
reciprocity
under
section
542.19,
subsection
1
,
4
paragraph
“a”
,
“b”
,
or
“c”
set
forth
in
subsections
7
and
8
.
5
Sec.
8.
Section
542.20,
subsection
7,
Code
2025,
is
amended
6
by
adding
the
following
new
paragraph:
7
NEW
PARAGRAPH
.
e.
Complies
with
the
requirements
of
this
8
chapter,
and
all
rules
adopted
by
the
board.
9
Sec.
9.
EFFECTIVE
DATE.
This
Act
takes
effect
July
1,
2026.
10
EXPLANATION
11
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
12
the
explanation’s
substance
by
the
members
of
the
general
assembly.
13
This
bill
relates
to
the
qualifications
for
a
certificate
14
as
a
certified
public
accountant
and
the
practice
of
public
15
accounting,
and
includes
effective
date
provisions.
16
Under
the
bill,
an
applicant
for
initial
issuance
of
a
17
certificate
as
a
certified
public
accountant
(CPA)
shall
have
18
completed
at
least
150
semester
hours
of
college
education,
a
19
degree,
and
no
less
than
one
year
of
experience,
or
shall
have
20
completed
at
least
120
semester
hours
of
college
education,
a
21
degree,
and
no
less
than
two
years
of
experience.
A
degree
22
required
by
the
bill
must
be
at
least
a
baccalaureate
degree
23
and
be
conferred
by
a
college
or
university
recognized
by
the
24
board,
and
the
degree
program
must
include
a
concentration
in
25
accounting
or
another
area
of
study
that
the
board
determines
26
to
be
substantially
equivalent.
The
experience
required
27
by
the
bill
shall
include
providing
any
type
of
service
or
28
advice
involving
the
use
of
accounting,
attest,
compilation,
29
management
advisory,
financial
advisory,
tax,
or
consulting,
30
as
verified
by
an
applicant,
that
meets
the
requirements
31
prescribed
by
the
board
by
rule.
The
experience
may
be
in
the
32
government,
industry,
academia,
or
public
sector.
33
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