The CPE Standards’ review process took a major step forward with the distribution of a working draft at the recent CPE Conference.
The draft gave attendees a chance to see what the Task Force has been doing in terms of changes in the regulations. It also let them meet with Task Force members and offer feedback on what they see as positive, and negative, in the proposed changes.
The Task Force has reviewed “every single comment and question” and considered whether to incorporate those changes into the working document, according to Jessica Luttrull, CPA, Manager of National Registry. The Task Force has prepared a final working draft on the revised Standards to present to the Joint Committee of the AICPA and NASBA.
That committee will then make a final recommendation to both the AICPA and NASBA Board of Directors, before both of those bodies hold their board meetings in late July/early August. Once approved by NASBA and the AICPA, the draft will be released for exposure and comment by the public for a set time period. At the conclusion of the comment period, the draft will return to NASBA and the AICPA for approval if there are no major additional changes.
If all goes according to the target timeline, the public-comment period will run from August through September with NASBA and the AICPA approving the final changes in late October so that the revised Standards can be finalized by calendar year-end with an effective date of January 1, 2012.
We will continue to keep you informed of the process as each step is reached and completed.