After completing prerequisite educational and experience requirements, candidates earn a CPA certificate by passing the Uniform CPA Examination. Certificates may be activated after completing additional work experience and continuing professional education (CPE) requirements.
The requirements for keeping an active certificate vary by state and the Minnesota State Board of Accountancy requires an average of 40 hours of CPE credit per year. Fortunately, we have an active and supportive Minnesota Society of Certified Public Accountants which helps fulfill CPE obligations with top-notch training opportunities.
Founded in 1887, the American Institute for Certified Public Accountants represents the accounting profession regarding rule-making and standard-setting. Additionally, they monitor compliance with professional standards, administer CPA examinations, help educate members and will host the upcoming .cpa top-level domain.
Generally Accepted Accounting Principles (GAAP) are promulgated by the private, not-for-profit Financial Accounting Standards Board. A huge and exciting project currently underway is the convergence of US Accounting standards with those used by the rest of the world.
International standard accounting rules are administered by the 16 member International Accounting Standards Board (the US is represented on this board). Their primary goal is to develop a single set of global accounting standards which are high quality, understandable and enforceable.
The CPA profession has always strived for the highest standards in accounting and reporting rules. Access to qualified accounting help is an essential part of any business owner's toolbox.