Title of Regulation: 18VAC5-21. Board of Accountancy Regulations (amending 18VAC5-21-30).

Statutory Authority: §§ 54.1-4402 and 54.1-4403 of the Code of Virginia.

Effective Dates: May 14, 2009, through November 13, 2010.

Pursuant to § 2.2-4011 of the Code of Virginia, the Virginia Board of Accountancy (board) requested an extension of the above-referenced emergency regulation to complete the requirements of the Administrative Process Act. The emergency regulations were published in 25:20 VA.R. 3642-3645 June 8, 2009 (http://register.dls.virginia.gov/vol25/iss
20/v25i20.pdf).

The board proposed this emergency regulation to reduce the amount of education required for licensure that must be obtained prior to taking the certified public accountant (CPA) examination through Virginia so that the requirement was no more restrictive than that of most other states. The proposed emergency regulation also defined "accounting concentration or equivalent," which is a requirement for licensure and for taking the CPA examination through Virginia.

The emergency regulation became effective May 14, 2009, and contained all education requirements for taking the CPA examination through Virginia. Those requirements have been incorporated into the accounting programs of Virginia's colleges and universities and into the plans of students and others for taking the CPA examination through Virginia. The board intended for the provisions of the emergency regulation to become permanent as part of a separate fast track regulatory action containing comprehensive changes to the board's regulations in response to revisions to the accountancy statutes that became effective July 1, 2007.

The proposed fast-track regulations, however, will not become effective before the scheduled expiration of the emergency regulation on May 13, 2010. Allowing the emergency regulation to expire would impose an unconscionable burden on students and others who have, in good faith, adopted plans based on the emergency regulation. Expiration of the emergency regulation also would significantly reduce the board's revenues, as individuals would begin taking the CPA examination through states that already have the same requirements as those in the emergency regulations. Therefore, the board requested a six-month extension to November 13, 2010.

The Governor approved the board's request to extend the expiration date of the emergency regulation for six months as provided in § 2.2-4011 D of the Code of Virginia. Therefore, the regulations will continue in effect through November 13, 2010.

Agency Contact: Wade A. Jewell, Executive Director, Board of Accountancy, 9960 Mayland Drive, Perimeter Center, Suite 402, Richmond, VA 23233, telephone (804) 367-8540, FAX (804) 527-4409, or email wade.jewell@boa.virginia.gov.