Minnesota Session Laws - 2000, Regular Session

                            CHAPTER 346-S.F.No. 2803 
                  An act relating to accountants; modifying licensing 
                  requirements; requiring the board of accountancy to 
                  implement a voluntary registration of accounting 
                  practitioners; amending Minnesota Statutes 1998, 
                  section 326.19, subdivisions 1, 2, and by adding a 
                  subdivision; proposing coding for new law in Minnesota 
                  Statutes, chapter 326. 
        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
           Section 1.  Minnesota Statutes 1998, section 326.19, 
        subdivision 1, is amended to read: 
           Subdivision 1.  [CERTIFICATES AND LICENSES AS CERTIFIED 
        PUBLIC ACCOUNTANTS.] (a) A certified public accountant 
        certificate shall be granted to any person: 
           (1) who has attained the age of 18 years; 
           (2) who is of good character has met ethical standards set 
        by the board; 
           (3) who has successfully completed an examination in the 
        subjects and at the times the board may prescribe in its rules; 
        and 
           (4) who meets all other requirements for issuance of a 
        certificate, including payment of required fees. 
           (b) Until July 1, 2006, the examination shall be 
        administered by the board only to a candidate who:  
           (1) holds a master's degree with a major in accounting from 
        a college or university that is fully accredited by a recognized 
        accrediting agency listed with the United States Department of 
        Education; 
           (2) holds a baccalaureate degree, with a major in 
        accounting, from a college or university that is fully 
        accredited by a recognized accrediting agency listed with the 
        United States Department of Education or who has in the opinion 
        of the board at least an equivalent education; 
           (3) holds a baccalaureate degree from a college or 
        university that is fully accredited by a recognized accrediting 
        agency listed with the United States Department of Education and 
        who has in the opinion of the board at least an equivalent 
        education, or providing at least one year of experience of the 
        type specified in subdivision 4 has been completed; 
           (4) provides evidence of having completed two or more years 
        of study with passing grade average or above from a college, 
        university, technical college, or a Minnesota licensed private 
        school that is fully accredited by a recognized accrediting 
        agency listed with the United States Department of Education or 
        who has in the opinion of the board at least an equivalent 
        education, providing that at least three years experience of the 
        type specified in subdivision 4 has been completed; or 
           (5) holds a diploma as a graduate of an accredited high 
        school or who has in the opinion of the board at least an 
        equivalent education, providing that at least five years 
        experience of the type specified in subdivision 4 has been 
        completed.  
           (c) On or after July 1, 2006, the examination shall be 
        administered by the board only to a candidate who has a 
        baccalaureate or higher degree, with a major in accounting or a 
        major in business with accounting emphasis, or an equivalent 
        education, from a college or university that is fully accredited 
        by a recognized accrediting agency listed with the United States 
        Department of Education, or an equivalent accrediting 
        association. 
           Sec. 2.  Minnesota Statutes 1998, section 326.19, 
        subdivision 2, is amended to read: 
           Subd. 2.  [EXPERIENCE.] (a) A certified public accountant 
        license shall be granted to any person who has been issued a 
        certified public accountant certificate under subdivision 3.  
        Until July 1, 2006, those persons holding certified public 
        accountant certificates issued under subdivision 1 who meet all 
        other requirements for licensure, including payment of required 
        fees, shall be granted licenses as certified public accountants, 
        providing that they have completed the following required 
        experience of the type specified in subdivision 4 in addition to 
        any experience required in subdivision 1, paragraph (b): 
           (1) for those whose educational qualifications meet the 
        requirements of subdivision 1, paragraph (b), clause (1), the 
        experience requirement is one year; 
           (2) for those whose educational qualifications meet the 
        requirements of subdivision 1, paragraph (b), clause (2), the 
        experience requirement is two years; 
           (3) for those whose educational and experience 
        qualifications meet the requirements of subdivision 1, paragraph 
        (b), clause (3), the additional required experience is two 
        years; 
           (4) for those whose educational and experience 
        qualifications meet the requirements of subdivision 1, paragraph 
        (b), clause (4), the additional required experience is two 
        years; and 
           (5) for those whose educational and experience 
        qualifications meet the requirements of subdivision 1, paragraph 
        (b), clause (5), the additional required experience is one year. 
           (b) On or after July 1, 2006, those persons holding 
        certified public accountant certificates issued under 
        subdivision 1 shall be granted licenses as certified public 
        accountants provided they certify to the board that they have 
        completed at least 150 semester or 225 quarter hours at a 
        college or university that is fully accredited by a recognized 
        accrediting agency listed with the United States Department of 
        Education, or an equivalent accrediting association, and have 
        completed at least one year of experience of the type specified 
        in subdivision 4. 
           Sec. 3.  Minnesota Statutes 1998, section 326.19, is 
        amended by adding a subdivision to read: 
           Subd. 5.  [CONSULTATION.] The board, in consultation with 
        the University of Minnesota, the Minnesota state colleges and 
        universities, private colleges, and private career schools 
        regulated under chapter 141, shall establish criteria to assess 
        equivalent education for purposes of subdivision 1, paragraph 
        (c). 
           Sec. 4.  [326.197] [REGISTERED ACCOUNTING PRACTITIONER.] 
           By July 1, 2004, the board shall implement a voluntary 
        registration of accounting practitioners.  The board shall 
        prescribe the limitations of practice, educational preparation, 
        examination, registration, fees, and continuing education 
        requirements for the registration.  The board shall consult with 
        the University of Minnesota, the Minnesota state colleges and 
        universities, the Minnesota Association of Private 
        Post-Secondary Schools, the Private College Council, the 
        Minnesota Association of Public Accountants, the Minnesota 
        Society of Certified Public Accountants, and other organizations 
        as deemed appropriate in the implementation of this section. 
           Presented to the governor April 6, 2000 
           Signed by the governor April 10, 2000, 2:45 p.m.