It is official. The new CPE regulations regarding the A&A requirement for Pennsylvania licensees WILL NOT go into effect for the current biennial licensing period. The new regulations will become effective beginning January 1, 2018 for the biennial licensing period that ends December 21, 2019. This information was discussed by the State Board of Accountancy at their meeting last week.
As you are aware, in July 2016, the Independent Regulatory Review Commission (IRRC) published regulations that would change the required CPE structure for Pennsylvania licensees.
Here is a summary of the new regulations that will take effect January 1, 2018:
Beginning January 1, 2018, for the biennial licensing period that ends December 31, 2019, the 16 hour minimum A&A cpe requirement for those licensees who do not provide attest services (compilations, reviews and audits) will be removed as will the requirement for TAX. Essentially licensees will structure their CPE in a way that best fits their individual practice. Please note that there has been no change to the 80 hour overall CPE requirement for license renewal or the requirement that a minimum of 20 hours of CPE must be obtained in each year of the 2-year biennial. The 4-hour ethics requirement has also remained unchanged.
Please note that attest in the context of this CPE requirement includes compilations (but not preparations), reviews and audits. For those licensees that provide any of these services, the A&A requirement will be increased from 16 to 24 hours of A&A for the 2-year biennial licensing period that begins January 1, 2018 and ends December 31, 2019.
Please understand that various information was discussed by the State Board of Accountancy throughout the course of this process and some of the past information that we reported conflicted with the information provided above. However, the State Board of Accountancy has finally issued an official amendment that puts the above information in written form which appears here.