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09.24.05 - Board of Public Accountancy - Pending Regulations

 

PROPOSED ACTION ON REGULATIONS
MARYLAND REGISTER, VOLUME 41, ISSUE 3,
FRIDAY, FEBRUARY 7, 2014

Subtitle 24 BOARD OF PUBLIC ACCOUNTANCY

09.24.05 Examinations

Authority: Business Occupations and Professions Article, §§2-207, 2-303, 2-305, and 2-307, Annotated Code of Maryland

Notice of Proposed Action
[14-060-P]

The Board of Public Accountancy proposes to amend Regulation .03 under COMAR 09.24.05 Examinations. This action was considered at a public meeting held on December 3, 2013, notice of which was given by publication in 40:22 Md. R. 1898 (November 1, 2013), pursuant to State Government Article, §10-506(c)(1), Annotated Code of Maryland.

Statement of Purpose

The purpose of this action is to clarify the conversion rate of quarter hour college level credit to semester hour college level credit. Business Occupations and Professions Article, §2-303, Annotated Code of Maryland requires an applicant to have completed 120 semester hours of college or university education to qualify to take the Uniform CPA Examination and 150 semester hours to qualify for a license.

Comparison to Federal Standards

There is no corresponding federal standard to this proposed action.

Estimate of Economic Impact

The proposed action has no economic impact.

Economic Impact on Small Businesses

The proposed action has minimal or no economic impact on small businesses.

Impact on Individuals with Disabilities

The proposed action has no impact on individuals with disabilities.

Opportunity for Public Comment

Comments may be sent to Dennis L. Gring, Executive Director, Board of Public Accountancy, 500 North Calvert Street, Third Floor, Baltimore, MD 21202, or call 410-230-6224, or email to dgring@dllr.state.md.us, or fax to 410-962-8482. Comments will be accepted through March 10, 2014. A public hearing has not been scheduled.

Open Meeting

Final action on the proposal will be considered by the Board of Public Accountancy during a public meeting to be held on April 1, 2014 at 9 a.m., at 500 North Calvert Street, Third Floor Conference Room, Baltimore, MD 21202.

.03 Educational Requirements.
  A. To take the Uniform CPA Examination, an applicant shall satisfactorily complete:
    (1) Unless otherwise indicated, a minimum of 27 undergraduate semester hours or [41] 40.5 undergraduate quarter hours of accounting education to include each of the following subjects:
      (a) Auditing of at least 3 undergraduate semester hours or [4] 4.5 undergraduate quarter hours;
      (b) Financial accounting of at least 9 undergraduate semester hours or [12] 13.5 undergraduate quarter hours;
      (c) Managerial cost accounting of at least 3 undergraduate semester hours or [4] 4.5 undergraduate quarter hours; and
      (d) U.S. federal income tax of at least 3 undergraduate semester hours or [4] 4.5 undergraduate quarter hours; and
    (2) At least 3 undergraduate semester hours or [4] 4.5 undergraduate quarter hours in:
      (a)—(d) (text unchanged)
  B. In order to become licensed, in addition to satisfactorily completing the requirements set forth in §A of this regulation, an applicant shall satisfactorily complete a minimum of 21 undergraduate semester hours or [32] 31.5 undergraduate quarter hours in the following business-related subjects, including 3 undergraduate semester hours or [4] 4.5 undergraduate quarter hours in at least five of the following subjects:
    (1)—(9) (text unchanged)
  C. (text unchanged)
  D. If qualification is sought on the basis of a combination of graduate and undergraduate courses:
    (1) 3 undergraduate level semester hours shall be considered [as] equivalent to 2 graduate level semester hours; and
    [(2) 1 graduate level quarter hour shall be considered equivalent to 1 undergraduate level semester hour; and]
    [(3)] (2) (text unchanged)
  E. If qualification is sought on the basis of a combination of semester and quarter hour courses:
    (1) 1 undergraduate level quarter hour shall be considered equivalent to .667 semester hours; and
    (2) 1 graduate level quarter hour shall be considered equivalent to 1 undergraduate semester hour.

  [E] F. (text unchanged)
  [F.] G. If only a part of the academic program is accepted under [§E(3)(b)] §F(3)(b) of this regulation, the Board shall specify the courses to be taken at an accredited institution for the applicant to qualify.

ELIZABETH S. GANTNIER
Chairman