| Since July 1, 2016: | ACCOMPLISHMENTS SINCE JULY 1, 2016:The Board continues to monitor and comment on the Uniform CPA Examination when requested by the AICPA Board of Examiners (BOE). The BOE periodically requests State Boards and others to provide recommendations and insight into what topics and information should be tested on the examination through a formal Practice Analysis of the examination. After review and discussion, the Board formally responded to the BOEs 2016 and 2018 Practice Analyses.After the Public Accountancy Act (PAA) was amended to require CPA firms performing attest work in Nebraska to complete the national AICPA Peer Review program, the Board prepared for and successfully implemented the program in 2016. The Boards longtime Quality Enhancement Program (QEP) was ended and the transition was made to the Peer Review program requiring extensive communication to CPA firms and administrators. To date, the Board has not received any significant concerns andor dissent to this major change to requirements.From 2017 to present, the Board monitored several Legislative Bills addressing occupational licensing, including LB 299. The Board provided testimony regarding concern that overall occupation licensing initiatives could impact and possibly harm traditional learned professions, such as the accounting profession. This includes aspects of public protection and the needs of clients and others to protect financial reporting, tax preparation, and other professional work. In 20172018, the Board engaged their IT partner, Nebraska Interactive, and developed a new website to enhance communication to its registrants and the public. Also in 2017, staff worked with Nebraska Interactive to create an online registration system for registrants who only hold certificates to update their contact information with the Board. This registration is an annual process and the online system has made it very easy to re-register a certificate. Staff continues to review areas whereas outreach to its licensees and others can be enhanced to assist with better understanding of Board requirements and announcements. In 2018, the Board amended new education requirements within regulations to ease the burden of students preparing to sit for Uniform CPA examination and to meet the 150-hour requirement. Additional general college credits were allowed to be earned at a community collegetwo year institution after graduating with a bachelors degree to ease requirements.The Board attempts to hold Board meetings and Education Advisory Committee (EAC) meetings at Nebraska Universities to further outreach in the academic community and for faculty and students to observe the Board while fulfilling its regulatory role. In October 2016, the EAC held their annual meeting at the University of Nebraska-Lincoln (UNL). In May 2019, the Board held their Board meeting at the University of Nebraska-Lincoln hosted by the College of Business. This meeting concluded with a panel discussion about what new CPAs need to be successful in todays world. Starting in 2017, Board staff has attended the University of Nebraska-Omahas School of Accounting Career Expo each January. Board staff has also ramped up speaking engagements with classes at UNL, Creighton University and Doane University. After listening to a CPA firm and their goal of creating a progressive form of ownership that would better serve their non-CPA staff members, the Board allowed its attorney and the firms legal expert to research and draft language to allow for Employee Stock Ownership Programs (ESOPs) for CPA firm ownership. ESOPs were approved within LB 49 in 2019.The Board continues to review and improve the ability for CPA examination candidates to successfully pass the rigorous Uniform CPA Examination whenever possible. In 2019, after recommendation from the Boards Education Advisory Committee, the Board approved continuous testing for candidates opening up more testing days and allowing the ability to immediately retake a failed section instead of waiting for the next testing window. Do you want to talk about LB808 increasing the 6090 day window, though not approved yet. |