00CS FOR SENATE BILL NO. 75(STA)                                                                                          
01 "An Act relating to the regulation of accountants; and providing for an effective                                       
02 date."                                                                                                                  
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 08.04.150 is repealed and reenacted to read:                                                        
05  Sec. 08.04.150.  Qualifications to take examination.  A person is qualified                                           
06 to take the examination for certified public accountants if the person either                                           
07   (1)  has a baccalaureate degree or its equivalent conferred by a college                                             
08 or university acceptable to the board with                                                                              
09   (A)  an accounting concentration or the equivalent, as defined                                                      
10 in regulations of the board;                                                                                            
11   (B)  a minimum of 15 semester credit hours or 22 quarter credit                                                     
12 hours of accounting subjects; or                                                                                        
13   (C)  one year of public accounting experience under the direct                                                      
14 supervision of a certified public accountant; or                                                                        

01   (2)  has met or is within 18 semester credit hours or 27 quarter credit                                              
02 hours of meeting the undergraduate educational requirements of AS 08.04.120 and has                                     
03 completed at least 15 semester hours or 22 quarter hours of accounting subjects.                                        
04    * Sec. 2.  AS 08.04.540 is amended to read:                                                                          
05  Sec. 08.04.540.  Use of deceptive title or abbreviation.  An individual,                                              
06 partnership, limited liability company, or corporation may not assume or use the title                                  
07 or designation "certified accountant", "chartered accountant", "enrolled accountant",                                   
08 "licensed accountant", "registered accountant", or any other title or designation likely                                
09 to be confused with "certified public accountant" or "public accountant", or any of the                                 
10 abbreviations "CA", "EA", "LA", "RA", or similar abbreviations likely to be confused                                    
11 with "CPA" or "PA" except that "EA" may be used to the extent that it relates to                                       
12 the term "enrolled agent" as defined by the federal Internal Revenue Service;                                          
13 however, an individual, partnership, limited liability company, or corporation holding                                  
14 a live permit and whose offices in this state for the practice of public accounting are                                 
15 maintained as required by AS 08.04.360 - 08.04.380 may hold out to the public as an                                     
16 accountant or auditor.                                                                                                  
17    * Sec. 3.  APPLICABILITY.  Except as provided in sec. 4 of this Act, AS 08.04.150, as                                
18 amended by sec. 1 of this Act, applies to qualifications for an examination or reexamination                            
19 that takes place on or after June 1, 1997.                                                                              
20   * Sec. 4.  TRANSITIONAL PROVISION.  Notwithstanding sec. 3 of this Act, and                                           
21 AS 08.04.150, as amended by sec. 1 of this Act, an applicant who has received a passing                                 
22 grade in at least two subjects of the examination for certified public accountants before June 1,                       
23 1997, or who  received a passing grade in accounting practice before May 1, 1994, has the                               
24 right to be reexamined in only the remaining subjects in succeeding examinations within five                            
25 years after the first examination without complying with AS 08.04.150, as amended by sec.                               
26 1 of this Act, if the applicant has taken an examination in the remaining subjects at least once                        
27 each calendar year since the first examination unless excused from this yearly examination                              
28 requirement by the Board of Public Accountancy for good cause.                                                          
29    * Sec. 5.  This Act takes effect June 1, 1997.