The bill amends the 1999 Public Accountancy Act in New Mexico to update definitions and qualifications for certification as a certified public accountant (CPA). Key changes include the introduction of a new definition for "accounting experience," which now includes various forms of professional service verified by a CPA, and the establishment of "comparable licensure requirements" for practitioners from other states. The educational requirements for certification are broadened to accept a wider range of degrees, and the process for issuing and renewing certificates is streamlined, particularly for non-resident certificate holders. The bill eliminates the previous "substantial equivalency" standard, allowing individuals with valid licenses from other jurisdictions to perform services in New Mexico without prior notice to the board.

Additionally, the bill clarifies that applicants must meet specific accounting experience requirements established by their foreign authority or by law, and they must have completed their accounting experience in the jurisdiction that granted their foreign designation or possess four years of professional accounting experience in New Mexico. It also modifies enforcement provisions to ensure that only licensed individuals can practice and issue financial statements, while introducing practice privileges for out-of-state certificate holders under certain conditions. The bill allows the New Mexico board to collect fees from certificate holders and applicants, with specified maximum amounts for various services, and sets an effective date for these provisions of January 1, 2026.

Statutes affected:
introduced version: 61-28B-3, 61-28B-8, 61-28B-9, 61-28B-11, 61-28B-13, 61-28B-17, 61-28B-26, 61-28B-27
CE substitute: 61-28B-3, 61-28B-8, 61-28B-9, 61-28B-11, 61-28B-13, 61-28B-17, 61-28B-26, 61-28B-27
JC substitute: 61-28B-3, 61-28B-8, 61-28B-9, 61-28B-11, 61-28B-13, 61-28B-17, 61-28B-26, 61-28B-27