VSCPA Board revises position on substantial equivalency and practice mobility

At its Nov. 8, 2024, meeting, the VSCPA Board of Directors approved revisions to its standing position statement on practice mobility and licensure:

The Society endorses automatic practice mobility for out-of-state CPAs with licenses in good standing and substantial equivalency and practice mobility for reciprocal licensure as established under the Uniform Accountancy Act (UAA) defined in Virginia law. This includes maintaining the UAA minimum requirements for examination, education and experience for licensure and as established by the Virginia Board of Accountancy. The Society further endorses redefining the education requirement and advocating for a combination of traditional course work and/or other approved programs and experience relevant to the newly licensed CPA. In addition, CPAs from other states should be permitted to practice in Virginia under the substantial equivalency doctrine.    

With these changes, the VSCPA supports that practice privileges are automatic for out-of-state CPAs who wish to practice in Virginia, as long as they have a license in good standing from another jurisdiction and have passed the CPA Exam as a condition of licensure.

Additionally, the VSCPA is spearheading legislation to be introduced in the 2025 Virginia General Assembly session that will add a new pathway for prospective CPAs to attain licensure. The Board agreed to support legislation that will add another pathway for accountants who wish to become CPAs: a baccalaureate degree with an accounting concentration, two years of experience as defined by the Virginia Board of Accountancy, and passage of the CPA Exam.

While this pathway does not eliminate the 150-hour educational requirement for CPA licensure, it does add a new way accountants can meet qualifications to obtain a CPA license.

The VSCPA's support of an additional pathway comes on the heels of years of research into the 150-hour requirement and problems with the pipeline of students into the accounting profession. The VSCPA has been involved in national conversations on the best way to approach the 150-hour requirement, including having a seat at the National Pipeline Advocacy Group table with the participation of VSCPA VP, Advocacy & Pipeline Emily Walker, CAE.

The VSCPA's comment letters to the AICPA & NASBA on two exposure drafts, one on changes to the Uniform Accountancy Act and another on a CPA competency pathway, support our new position statement on substantial equivalency and practice mobility.

Questions? Comments? Email Emily Walker any time.