Kentucky Statutes 325.280 – Qualifications for licensure as certified public accountant by reciprocity and for foreign accountants
Current as of: 2024 | Check for updates
|
Other versions
(1) The board may issue a license to practice by reciprocity, if the applicant:
(a) Submits an application for a license to practice any regulated activity, upon forms approved by the board;
(b) Pays all required fees, in the amounts as determined by administrative regulation promulgated by the board; and
(c) Meets the following requirements:
1. Satisfies the educational requirement in KRS § 325.261(3);
2. Receives a grade on the Uniform CPA Examination in another state that was equivalent to a passing grade at the time in this Commonwealth;
3. Holds a valid active license, and is in good standing as a certified public accountant, issued under the laws of any other state; and
4. Meets all current experience requirements in this chapter, except for KRS § 325.261(6)(b), at the time application is made, or within the ten (10) years immediately preceding the application, had four (4) years of experience in the practice of the regulated activities acceptable to the board upon which the license was based.
(2) The board may issue a license to practice the regulated activities without examination to an applicant who holds a valid license to engage in the practice of the regulated activities in good standing from a foreign country if:
(a) The applicant’s foreign country makes similar provisions to allow a person who holds a valid license to practice the regulated activities issued by this Commonwealth to obtain that foreign country’s comparable designation;
(b) The authority of the foreign country that issued the designation regulates the practice of the regulated activities, including the issuance of reports;
(c) The foreign designation was granted upon education and examination requirements which were established by the foreign authority or law and were substantially equivalent to those in effect in this Commonwealth at the time the foreign designation was granted;
(d) The applicant satisfies the applicable experience requirement contained in paragraph (c) of subsection (1) of this section;
(e) The applicant has successfully passed a uniform qualifying examination on United States national standards prepared by the National Association of State Boards of Accountancy; and
(f) The applicant submits an application for a license to practice the regulated activities, upon forms approved by the board, and pays the fees listed in administrative regulations promulgated by the board.
Effective: July 14, 2022
History: Amended 2022 Ky. Acts ch. 43, sec. 2, effective July 14, 2022. — Amended
2015 Ky. Acts ch. 107, sec. 4, effective June 24, 2015. — Amended 2008 Ky. Acts ch. 101, sec. 2, effective July 15, 2008. — Amended 2004 Ky. Acts ch. 34, sec. 1,
effective July 13, 2004. — Amended 2000 Ky. Acts ch. 99, sec. 5, effective July 14,
2000. — Amended 1994 Ky. Acts ch. 248, sec. 5, effective July 15, 1994. — Amended
1990 Ky. Acts ch. 285, sec. 4, effective July 13, 1990. — Amended 1984 Ky. Acts ch.
117, sec. 8, effective July 13, 1984. — Amended 1968 Ky. Acts ch. 143, sec. 7. — Created 1946 Ky. Acts ch. 210, secs. 3 (7), (8) and 4.
(a) Submits an application for a license to practice any regulated activity, upon forms approved by the board;
Terms Used In Kentucky Statutes 325.280
- any other state: includes any state, territory, outlying possession, the District of Columbia, and any foreign government or country. See Kentucky Statutes 446.010
- Board: means the State Board of Accountancy. See Kentucky Statutes 325.220
- Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
- License: means a license as a certified public accountant or a firm issued pursuant to this chapter. See Kentucky Statutes 325.220
- Public accountant: means a public accountant issued a license to practice by the
Commonwealth of Kentucky under the Public Accounting Act of 1946 as amended. See Kentucky Statutes 325.220 - Regulated activities: means the offering to perform or the performance for a client or potential client by a person or firm holding a license issued under this chapter of one (1) or more types of services involving the use of accounting, attest, or compilation services, including the issuance of reports on financial statements, or one (1) or more types of management advisory, financial advisory, or consulting services, or the preparation of tax returns or the furnishing of advice on tax matters. See Kentucky Statutes 325.220
- State: includes and means any state, territory, or insular possession of the United
States, or the District of Columbia. See Kentucky Statutes 325.220
(b) Pays all required fees, in the amounts as determined by administrative regulation promulgated by the board; and
(c) Meets the following requirements:
1. Satisfies the educational requirement in KRS § 325.261(3);
2. Receives a grade on the Uniform CPA Examination in another state that was equivalent to a passing grade at the time in this Commonwealth;
3. Holds a valid active license, and is in good standing as a certified public accountant, issued under the laws of any other state; and
4. Meets all current experience requirements in this chapter, except for KRS § 325.261(6)(b), at the time application is made, or within the ten (10) years immediately preceding the application, had four (4) years of experience in the practice of the regulated activities acceptable to the board upon which the license was based.
(2) The board may issue a license to practice the regulated activities without examination to an applicant who holds a valid license to engage in the practice of the regulated activities in good standing from a foreign country if:
(a) The applicant’s foreign country makes similar provisions to allow a person who holds a valid license to practice the regulated activities issued by this Commonwealth to obtain that foreign country’s comparable designation;
(b) The authority of the foreign country that issued the designation regulates the practice of the regulated activities, including the issuance of reports;
(c) The foreign designation was granted upon education and examination requirements which were established by the foreign authority or law and were substantially equivalent to those in effect in this Commonwealth at the time the foreign designation was granted;
(d) The applicant satisfies the applicable experience requirement contained in paragraph (c) of subsection (1) of this section;
(e) The applicant has successfully passed a uniform qualifying examination on United States national standards prepared by the National Association of State Boards of Accountancy; and
(f) The applicant submits an application for a license to practice the regulated activities, upon forms approved by the board, and pays the fees listed in administrative regulations promulgated by the board.
Effective: July 14, 2022
History: Amended 2022 Ky. Acts ch. 43, sec. 2, effective July 14, 2022. — Amended
2015 Ky. Acts ch. 107, sec. 4, effective June 24, 2015. — Amended 2008 Ky. Acts ch. 101, sec. 2, effective July 15, 2008. — Amended 2004 Ky. Acts ch. 34, sec. 1,
effective July 13, 2004. — Amended 2000 Ky. Acts ch. 99, sec. 5, effective July 14,
2000. — Amended 1994 Ky. Acts ch. 248, sec. 5, effective July 15, 1994. — Amended
1990 Ky. Acts ch. 285, sec. 4, effective July 13, 1990. — Amended 1984 Ky. Acts ch.
117, sec. 8, effective July 13, 1984. — Amended 1968 Ky. Acts ch. 143, sec. 7. — Created 1946 Ky. Acts ch. 210, secs. 3 (7), (8) and 4.