AICPA/NASBA release exposure draft on uniform accountancy act--most significant revisions since 1997.

On Aug. 1, the Joint Uniform Accountancy Act Committee of the AICPA and the National Association of State Boards of Accountancy issued an exposure draft on revisions to the UAA Statute. The UAA Statute is the joint state model licensing law of the AICPA and NASBA. This exposure draft represents the most significant revision to the UAA Statute since 1997, when the UAA Committee introduced the concept of "substantial equivalency" to the profession.

To get the UAA revision process started, the Joint UAA Committee divided into three separate task forces: mobility, enforcement and professional standards/ethics. Each task force explored a series of questions addressing each of the particular sections of the statute. The revision process began in Oct. 2004 and included more than 50 meetings and conference calls by the committees and their task forces.

The exposure draft's comment period ends on Oct. 3. All who are interested in the regulation of the profession are invited to review and comment on the proposed revisions. To view the exposure draft, visit www.aicpa.org and scroll to the "Exposure Draft" banner section. In addition, the entire UAA can be viewed by accessing www.aicpa.org/states/final11.htm.