Retired-CPA Status Proposal Up for Comment

The boards of the AICPA and NASBA are each proposing the creation of a new CPA status: “Retired-CPA.”

The boards have each approved that comments be gathered on the proposed changes to the Uniform Accountancy Act and the Model Rules. These changes would allow for the creation of a Retired-CPA status.

The AICPA says, “Currently, there is an Inactive-CPA status, which simply indicates that a CPA has chosen not to maintain the requisite amount of continuing professional education and can no longer hold out as a CPA while his or her CPE is not current. State boards have come to NASBA to request guidance on how to recognize both inactive and retired CPAs. With no uniform approach, a majority of states have adopted their own retired status in their statutes and/or rules. These variations in state policies have led to inconsistencies in expectations and treatment of this class of CPAs.”

Demographic changes are helping to propel the debate. The AICPA estimates that approximately 75% of its members will be eligible to retire by 2020. “Many of these retirees are well-respected business leaders in their communities who would like to find ways to continue to be of service, without necessarily remaining an active CPA in practice,” the AICPA says.

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Comments on this proposal are requested by Feb. 2, 2016.