This bill revises the licensure requirements for public accountants in New Jersey, particularly focusing on educational prerequisites and the standards for out-of-state applicants. It allows candidates to meet the education requirement by either obtaining a baccalaureate or higher degree or completing 150 hours of education from an accredited institution, emphasizing accounting and related courses. The definition of "principal place of business" is updated to highlight "mobility" and "practice privileges and reciprocity," replacing the previous term "substantial equivalency."

Additionally, the bill removes the requirement for out-of-state applicants to demonstrate substantial equivalence to New Jersey's licensure standards, instead requiring them to meet comparable standards. It eliminates the necessity to adhere to the National Association of State Boards of Accountancy's standards for licensure. Out-of-state applicants must now hold a valid license from another U.S. jurisdiction, pass the Uniform Certified Public Accountant Examination or an approved alternative, and have one year of relevant experience. The bill also clarifies experience requirements and updates conditions for examination waivers, aiming to streamline the licensure process and enhance accessibility for qualified individuals. The act will take effect on the first day of the 13th month following its enactment and will apply to applications received thereafter.

Statutes affected:
Introduced: 45:2B-44, 45:2B-49, 45:2B-50.1, 45:2B-51, 45:2B-53