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NEW CPA LEGISLATION

SB 2720 is providing some much-needed relief for CPAs who hold licenses from other states and wish to practice in Florida.  Last fall, the FICPA, in cooperation with the Florida Board of Accountancy (BOA), decided to draft a piece of legislation that would make revisions to Chapter 473, Florida Statutes.  SB 2720 allowed for five years of experience as a licensed CPA to substitute for Florida's required fifth year of education through Oct. 1, 2008.  Previously, Florida allowed for this work-experience alternative only if the experience was gained outside the state of Florida.

Under the new law that passed during the 2004 legislative session, the experience can be gained inside the state of Florida under the following conditions:

• The individual has a current CPA license from another state;

• The individual is employed for at least five years in public practice or as an auditor or accountant in a unit of state, local or federal government; and

• The individual works under the direct supervision of a licensed CPA.

In addition, as part of the current 80 hours of continuing education required for license renewal, SB 2720 creates a four-hour ethics course that includes a review of Chapters 455 and 473, Florida Statutes, and related administrative rules. The course providers will be approved by the BOA.  The BOA will also have the authority to prescribe by rule the course content. The laws and rules exam will be taken upon completion of the ethics requirement.

Specifics on the rules surrounding the new law (i.e. when the 5 years have been completed, what format the course will be given, etc.) are still being discussed and finalized by the Florida Board of Accountancy at a later date.

SB 2720 was signed by the Governor on Friday, May 21, 2004 and became effective on July 1, 2004.  The full text of the new law can be found here.

An application for licensure can be completed on the Florida Board of Accountancy Web site under “Licensure by Endorsement."  We encourage all interested parties to include a cover letter with the application form indicating the application is being made under the new law.

Once the application is completed and received by the Board of Accountancy, you will be sent a “work authorization form” to verify your prior experience employment.

For additional information, please contact the DBPR call center at (850) 487-1395 or contact John Johnson, Director of Governmental Affairs (850) 224-2727, Ext. 203, or e-mail govaffairs@ficpa.org.