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Colorado didn't require 150 hours of education to become a Certified Public Accountant (CPA), but all that changed in 2010. Former governor Bill Ritter, Jr. signed HB10-1236 into law; this implemented the so-called “150-hour rule” for CPAs. The new policy, which is in line with the Uniform Accountancy Act, is scheduled to take effect on July 1, 2015. The 150-hour rule—currently in effect in 45 states, D.C., and Puerto Rico—requires people applying for CPA certification to have at least 150 credit hours. The American Institute of CPAs (AICPA) say there's a more pressing need to implement this rule such as the growing complexity of business and new tax laws. The desired effect should be a more competent Denver accountant by July 1, 2015 due to extra hours in education. There's one problem: undergraduate degrees are usually 120 hours. While several states allow candidates with only 120 hours to take the exam, they'll need an extra 30 hours to be certified. This doesn't necessarily mean getting a master's degree, but advanced courses can help get candidates the extra hours needed for certification. The remaining hours can ideally be attained at the graduate level. This can be done in one of three ways, according to the AICPA. Aside from getting a master's degree, undergraduates can also take a separate discipline related to accounting or enroll in a professional accounting school or program. In the end, however, experts say that how future CPAs will get their 150 hours in full is up to them. Until the law takes full effect, clients will have to exercise more care in looking for reputable Denver CPA firms. Some CPAs in Colorado may not have fulfilled the 150-hour rule, yet this shouldn't be the sole basis for looking for a reputable CPA firm. Work experience is just as important as education; CPAs who have been in the line of work longer can be considered professionals. One thing's for sure: America will be in dire need of more skilled CPAs in the future. For more information about the 150-hour rule, you can visit the AICPA website at AICPA.org. You can also find more details about fulfilling the rule at ThisWayToCPA.com.
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