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| SPONSOR: | SCORC | DATE TYPED: | 03/11/98 | HB | |||
| SHORT TITLE: | 1999 Public Accountancy Act | SB | 423/SCORCS | ||||
| ANALYST: | Valenzuela | ||||||
| Recurring
or Non-Rec |
Fund
Affected | ||||
| FY99 | FY2000 | FY99 | FY2000 | ||
| NFI | NFI | ||||
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
LFC Files
State Board of Public Accountancy, Regulation and Licensing Department
SUMMARY
Synopsis of SCORC Substitute
The Senate Corporations and Transportation Committee substitute makes two primary changes to the original bill. The bill creates a dual track process for meeting the requirements for taking the CPA exam, where it keeps the current process and adds the proposal in the original bill. Also, the bill revises the fee types, and makes numerous technical changes throughout.
Synopsis of Original Bill
Senate Bill 423 would rewrite the existing statute regulating public accountancy. The bill would also repeal the existing statute, which creates the state board of public accountancy.
Significant Issues
Senate Bill 423 seeks to align New Mexico's accountancy law with nationally recognized requirements for certified public accountants. Because the bill adopts nationally recognized standards, candidates for the certified public accountant (CPA) examination would be required to complete one additional college level course before taking the exam. The purpose of the bill also is to streamline many of the administrative functions currently in place. It also eliminates some of the criminal penalties of the existing statute. The bill would give the board the option to develop a scholarship program.
FISCAL IMPLICATIONS
Senate Bill 423 does not contain an appropriation. The fiscal impact would be minor.
ADMINISTRATIVE IMPLICATIONS
The bill is quite complex. It would repeal the existing statute, therefore, the procedures of the board would change significantly.
POSSIBLE QUESTIONS
MV/gm