What the BOA rule changes mean for you and your CPE
May 2018 Footnote
The Minnesota Board of Accountancy's (BOA) CPE year ends June 30. There are no changes there!
Active CPAs must maintain 120 CPE credits, including 8 ethics credits, for the three-year reporting period of July 1, 2015, through June 30, 2018. A minimum of 20 CPE credits must be taken each CPE year (July 1 through June 30).
Report your CPE to the BOA by Dec. 31. No changes there, either!
What has changed are the CPE rules active CPAs must follow to remain in compliance. On Jan. 9, 2018, changes to the BOA's CPE rules went into effect, realigning with the latest version of the Statement on Standards for CPE Programs jointly issued by NASBA and the AICPA.
What does this mean for you?
There are new guidelines to follow when meeting your annual CPE requirement. In addition to the BOA's limitations on self-study, teaching, writing and non-BOA approved credits, CPAs should also be aware of the following:
Required technical credits
Active CPAs must maintain a minimum of 60 technical credits per three-year reporting period. Nontechnical credits, including personal development, are no longer limited provided you have earned a minimum of 60 technical credits.
Expanded CPE options
CPE formats and mediums have expanded to include nano-learning and blended learning, both of which must be offered through a sponsor approved by NASBA to deliver that specific format.
Do changes impact the current CPE year?
Yes and no. CPE must be reported this year in accordance with the new rules. Therefore, you will need to meet the minimum and maximum type and category requirements of the new rules. However, nano-learning classes taken prior to Jan. 9, 2018, cannot be counted in FY2018.
How does this impact the three-year reporting period?
CPE credits already reported under the previous rules for fiscal years 2016 and 2017, with the exception of personal development hours, have been reclassified as technical credits. The BOA has converted these credits on your behalf. You can see the conversion and the new CPE reporting tables through the Board's Online Services.
All CPE credits earned for fiscal year 2018 (July 1, 2017, through June 30, 2018) need to be properly classified according to the new CPE rules.
Inactive? Keep reading
Inactive CPAs do not have a CPE requirement. But CPA certificate renewal is required for all active and inactive CPAs. The deadline is Dec. 31.
Interested in going inactive or exempt?
If you are currently active and wish to convert to inactive or exempt status, you will need to complete the current CPE year (FY2018) first.
CPE reporting requirements change after a status change to inactive or exempt. Both status changes can only be made during the BOA's CPA certificate renewal window (approximately Sept. 15 through Dec. 31), with an effective date of Jan. 1.
Visit the CPE Rule Changes page for a complete summary of changes to the BOA's CPE rules.
The Minnesota BOA regulates the CPA profession, including CPE reporting. Contact the BOA at 651-296-7938 or www.boa.state.mn.us.
While the MNCPA does not set CPA certification requirements, we are well-versed in the nuances of certification rules. Contact MNCPA customer service at 952-831-2707 or firstname.lastname@example.org.