VSCPA Board of Directors legislative and regulatory positions

The VSCPA Board of Directors and Executive Committee periodically take positions on behalf of the VSCPA. As positions change and new positions are taken, these standing positions will be updated accordingly. These are not intended to be all inclusive, but rather to reflect the positions of the VSCPA with respect ongoing, high profile or significant issues related to the VSCPA and the CPA profession. 

Virginia Board of Accountancy

Continuing professional competence
The Society endorses a multifaceted approach to ensuring continued professional competence. This includes both continuing professional education (CPE) and peer review. 

• Mandatory CPE: As one means of ensuring continued professional competence, appropriate CPE is necessary for all CPAs providing services to the public or an employer as defined in the Virginia statute and VBOA regulations. 
• Peer review: The Society endorses the concept of peer review as one means of ensuring continued professional competence for CPAs in public practice. Peer review should be a requirement for all firms licensed by the VBOA which perform services subject to peer review under the AICPA Peer Review Program. 

Independent Board of Accountancy
The Society endorses a governmental structure in which the Virginia Board of Accountancy (VBOA) is an independent entity and has the authority to hire its own executive director and staff and has authority over all VBOA operations.  

Nominations
Composition of the VBOA should be representative of the CPA profession in Virginia in all respects. With this in mind, the VSCPA will annually submit nominations for open CPA seats on the VBOA. Nominees will be approved by the Board of Directors. 

Practice of public accounting
The Society endorses restricting the practice of public accountancy, as defined by Virginia law, to licensed CPAs. 

Licensure, substantial equivalency, and practice mobility
The Society endorses substantial equivalency and practice mobility as established under the Uniform Accountancy Act (UAA). This includes maintaining the UAA minimum requirements for examination, education, and experience for licensure. 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. 

Legislation

The Society shall monitor all legislation affecting the profession and take appropriate action thereon. The VSCPA Board of Directors shall approve the overall concept of any legislation sponsored by the VSCPA. The Board of Directors delegates authority for approving final language to the Executive Committee. Recommended positions may come from a variety of sources including, but not limited to, VSCPA technical committees, the American Institute of CPAs (AICPA), members at large, legislative counsel, and staff. The Executive Committee will approve positions on non-VSCPA state and federal legislation. 

Financial literacy education
The Society supports inclusion of one-credit course in economics and personal finance as a graduation requirement for Virginia public high school students. 

Public procurement
The Society supports competitive negotiation and the procurement of accounting and auditing services through a qualifications-based selection process, which helps ensure government agencies contract with the best qualified firms. The Society opposes any change to the process of competitive negotiation that weakens the qualifications base selection process, such as the inclusion of preferences that may trigger retaliatory consequences in other states and simultaneous price negotiations with multiple offerors. 

Tax conformity
The Society supports efforts to establish rolling conformity of Virginia’s tax laws to the Internal Revenue Code. Until rolling conformity can be accomplished, the Society supports timely conformity of Virginia’s tax laws with federal tax laws. 

Tax on services
The Society opposes imposing a sales tax on professional services not already subject to sales tax.

Data protection
The Society opposes legislation that would potentially compromise the privacy of Virginia citizens and taxpayers.

Increased taxation of non-dues revenue for associations 
Because non-dues revenue is critical for associations to survive financially and fulfill their tax-exempt purpose, the Society opposes any increased or additional federal income tax burden on associations. The Society supports retaining the “relatedness test” for evaluating whether unrelated business income which is used to advance the tax-exempt purpose of the association is taxable.

Date of last review: May 1, 2023