Changes to CPA licensure advanced

Lawmakers advanced a bill to select file Jan. 27 intended to increase licensure access to those seeking to become certified public accountants in Nebraska.

North Platte Sen. Mike Jacobson, sponsor of LB718, said the measure would expand and modernize pathways to licensure while maintaining strong professional standards and public safeguards.

Currently, to sit for the CPA exam in Nebraska, one must have completed 150 semester-hours of postsecondary academic credit, earned a bachelor’s degree or higher from an accredited college or university and demonstrated professional competency.

Jacobson said the 150 credit-hour requirement is “essentially a fifth year of college” because it is 30 credits beyond what is required to earn a bachelor’s degree and is a barrier to entry for the profession.

“For many qualified students, the cost and time associated with that extra year acts … as a ‘Keep Out’ sign,” he said.

LB718 instead would create three distinct licensure pathways in the state:
• a master’s degree plus one year of experience;
• a bachelor’s degree plus 30 additional credit hours and one year of experience;
• a bachelor’s degree plus two years of professional experience.

The measure also would clarify that passing the exam is not the same as being credentialed as a CPA, align Nebraska law with the Uniform Accountancy Act and provide a distinction between administrative lapses and ethical violations.

Elkhorn Sen. Tony Sorrentino supported the proposal. As a member of the profession for over 40 years, Sorrentino said, he can attest that the industry is having difficulty hiring and supervising new entrants.

“This bill creates new avenues for certification without compromising the integrity of the profession,” he said.

Lawmakers advanced LB718 to select file 39-0.