Bill Text: FL S1656 | 2012 | Regular Session | Comm Sub
Bill Title: Public Accountancy
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2012-03-08 - Laid on Table, refer to CS/CS/HB 769 -SJ 1040 [S1656 Detail]
Download: Florida-2012-S1656-Comm_Sub.html
Florida Senate - 2012 CS for SB 1656 By the Committee on Regulated Industries; and Senator Latvala 580-03068-12 20121656c1 1 A bill to be entitled 2 An act relating to public accountancy; amending s. 3 473.308, F.S.; revising and updating education and 4 work experience requirements for applicants for 5 licensure as a certified public accountant; revising 6 provisions governing licensure by endorsement; 7 amending s. 473.313, F.S.; revising requirements for 8 reactivation of an inactive license as a certified 9 public accountant; requiring the Board of Accountancy 10 to conduct a study to assess the privatization of the 11 Division of Certified Public Accounting; providing a 12 deadline for completion of the study; providing an 13 effective date. 14 15 Be It Enacted by the Legislature of the State of Florida: 16 17 Section 1. Paragraph (a) of subsection (4) and paragraph 18 (b) of subsection (7) of section 473.308, Florida Statutes, are 19 amended to read: 20 473.308 Licensure.— 21 (4)(a) An applicant for licensure after December 31, 2008, 22 must show that he or she has had 1 year of work experience. This 23 experience shall include providing any type of service or advice 24 involving the use of accounting, attest, compilation, management 25 advisory, financial advisory, tax, or consulting skills, all of 26 which must be verified by a certified public accountant who is 27 licensed by a state or territory of the United Statesand who28has supervised the applicant. This experience is acceptable if 29 it was gained through employment in government, industry, 30 academia, or public practice; constituted a substantial part of 31 the applicant’s duties; and was verified byunder the32supervision ofa certified public accountant licensed by a state 33 or territory of the United States. The board shall adopt rules 34 specifying standards and providing for the review and approval 35 of the work experience required by this section. 36 (7) The board shall certify as qualified for a license by 37 endorsement an applicant who: 38 (b)1.a. Holds a valid license to practice public accounting 39 issued by another state or territory of the United States, if 40 the criteria for issuance of such license were substantially 41 equivalent to the licensure criteria that existed in this state 42 at the time the license was issued;or43 b. Holds a valid license to practice public accounting 44 issued by another state or territory of the United States but 45 the criteria for issuance of such license did not meet the 46 requirements of sub-subparagraph a.; has met the requirements of 47 this section for education, work experience, and good moral 48 character; and has passed a national, regional, state, or 49 territorial licensing examination that is substantially 50 equivalent to the examination required by s. 473.306; orand51 c. Holds a valid license to practice public accounting 52 issued by another state or territory of the United States for at 53 least 10 years before the date of application; has passed a 54 national, regional, state, or territorial licensing examination 55 that is substantially equivalent to the examination required by 56 s. 473.306; and has met the requirements of this section for 57 good moral character; and 58 2. Has completed continuing education courses that are 59 equivalent to the continuing education requirements for a 60 Florida certified public accountant licensed in this state 61 during the 2 years immediately preceding her or his application 62 for licensure by endorsement. 63 Section 2. Subsections (3) and (4) of section 473.313, 64 Florida Statutes, are redesignated as subsections (4) and (5), 65 respectively, a new subsection (3) is added to that section, and 66 subsection (2) of that section is amended, to read: 67 473.313 Inactive status.— 68 (2) A license that has become inactive under subsection (1) 69 or for failure to complete the requirements in s. 473.312 may be 70 reactivated under s. 473.311 upon application to the department. 71 The board may prescribe by rule continuing education 72 requirements as a condition of reactivating a license. The 73 minimum continuing education requirements for reactivating a 74 license shall be those prescribed by board rule and those of the 75 most recent biennium plus one-half of the requirements in s. 76 473.312. Notwithstanding any other provision of this section, 77 the continuing education requirements are 120 hours, including 78 at least 30 hours in accounting-related and auditing-related 79 subjects, not more than 30 hours in behavioral subjects, and a 80 minimum of 8 hours in ethics subjects approved by the board, for 81 the reactivation of a license that is inactive or delinquent on 82 June 30, 20122009, if the Florida certified public accountant 83 notifies the Board of Accountancy by December 31, 20122009, of 84 an intention to reactivate such a license and completes such 85 reactivation by June 30, 20142011. 86 (3) A license that has become delinquent for failure to 87 report completion of the requirements in s. 473.312 may be 88 reactivated under s. 473.311 upon application to the department. 89 Reactivation requires the payment of an application fee as 90 determined by the board and certification by the Florida 91 certified public accountant that the applicant satisfactorily 92 completed the continuing education requirements set forth under 93 s. 473.311. If the license is delinquent on December 31 because 94 of failure to report completed continuing education 95 requirements, the applicant must submit a complete application 96 to the board by March 15 immediately after the delinquent 97 period. 98 Section 3. Upon approval of the Board of Accountancy, the 99 board shall complete a report on the potential cost savings for 100 privatization of the Division of Certified Public Accounting or 101 its functions as outlined in s. 455.32, Florida Statutes. This 102 report must be completed and submitted to the President of the 103 Senate and the Speaker of the House of Representatives no later 104 than November 30, 2012. 105 Section 4. This act shall take effect July 1, 2012.