And two more CPA-related laws, too.
via CalCPA
California Gov. Arnold Schwarzenegger has signed into law legislation (SB 819) that requires all California CPAs licensed after 2014 to have 150 hours of college education prior to licensing.
By adopting the 150-hour rule as the only pathway to licensure in California, the state legislature has lifted California’s long-standing roadblock to substantial equivalency. The new law will allow California CPAs to more seamlessly serve their clients’ needs in other states. Most states will recognize a license from a 150-hour state as substantially equivalent and not require a CPA to obtain a state-specific license to provide services in their state. Only Colorado, Puerto Rico, and the U.S. Virgin Islands have not adopted the 150-hour rule as of this writing.
California CPAs licensed prior to 2014 will be grandfathered in as substantially equivalent.
Additionally, the governor signed AB 138, which requires mandatory peer review for CPA firms. The peer review requirement will start in 2010, but implementation will be phased in over a three-year period.
Also signed into law were AB 117, which requires license status disclosure for inactive CPAs, and AB 129, which reinstates a taxpayer privilege provision.
.
