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AR SB186
Bill
Status
3/4/2025
Primary Sponsor
Joshua Bryant
Click for details
AI Summary
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Raises the threshold for simplified financial statement requirements from $750,000 to $1,500,000 for single commercial projects
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Contractors with projects below the new $1.5 million threshold may submit a compiled financial statement instead of a reviewed financial statement
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All financial statements must still be prepared by a licensed certified public accountant or licensed public accountant in accordance with AICPA standards
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Applies to both original and renewal license applications submitted to the Contractors Licensing Board
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Approved March 4, 2025 as Act 235 of the Regular Session
Legislative Description
To Amend The Law Concerning Financial Statements Required To Be Submitted By A Licensee Of The Contractors Licensing Board.
Last Action
Notification that SB186 is now Act 235
3/4/2025