The Business Council supports this legislation that would grant Certified Public Accountants (CPA) licensed in other states the mobility privileges to practice in New York State.
Due to the national and global nature of business, CPA's are frequently asked to provide financial services across state borders. This legislation will help New York State maintain its status as the financial capital of the world by permitting CPA's and their clients the flexibility to provide services in a national and international economy.
This legislation would not change New York's current statutory provisions on CPA licensure. This bill would allow an out-of-state individual, who has a valid license in another state where the education, examination, and experience qualifications are substantially similar to New York's, to perform accounting, management advisory, financial advisory, or tax services.
The licensing standards for CPAs are virtually identical in each state and are based on the Uniform Accountancy Act. The standards that CPA's follow such as Generally Accepted Accounting Principles (GAAP) and Generally Accepted Auditing Standards (GAAS) - do not vary from state to state. The enactment of this legislation would not decrease New York's ability to enforce its laws and regulations against individuals and firms who are practicing from outside New York.
Currently, CPA mobility legislation has been adopted in 46 other states. The enactment of this legislation would eliminate an unnecessary restriction which forces many businesses to retain multiple CPA's in multiple states. This legislation would serve the needs of a wide array of businesses by increasing access to services and ensures a higher uniform bar for protecting the public interest.
Accordingly, The Business Council supports the enactment of A.9432 (Glick)/S.6307 (Stavisky).