HB 315 Summary

• Establishes a new executive secretary position for the Board of Public Accountancy, to be employed by the department in consultation with the board and possessing accounting credentials.

• Creates practice privileges allowing out-of-state CPAs licensed in other states with substantially equivalent qualifications to practice in Alaska without obtaining an Alaska license, with limited restrictions on multi-state engagements.

• Introduces out-of-state permits and exemptions for legal entities authorized to practice in other states, requiring quality review program participation and limiting ability to perform certain designated functions for clients with Alaska home offices.

• Allows non-CPA ownership in accounting firms (partnerships, corporations, limited liability companies) up to the point of maintaining sufficient CPA supervision and control over attest functions and compilation services.

• Effective date is January 1, 2011, with existing permit and practice privilege holders allowed to continue operating under prior rules until normal expiration.