search question-circle-o log-in megaphone arrow-right2 facebook twitter youtube linkedin2 phone plus-circle2 minus-circle2 play2 menu3 cross

News

Winter newsletter out now

winter 2024 VBOA newsletter coverThe latest issue of Accrued Interest is out now—featuring a brand new look. Inside you will find:

  • Details on the new CPA Exam
  • New NASBA appointments and awards
  • Highlights from the board meeting held at University of Virginia

Accrued Interest is published twice yearly in the winter and summer and is one of our primary sources for communicating to accounting professionals including individual licensees, firms and CPA exam candidates.

Share any questions or content ideas with Kelli Yoder, the Virginia Board of Accountancy communications coordinator: kelli.yoder@boa.virginia.gov or (804) 367-1586 .

You can find all of the VBOA’s previous newsletters here >>.

Credit relief approved

Expanding on NASBA’s Credit Relief Initiative (CRI), the Virginia Board of Accountancy approved credit relief for those who had a credit that expired or will expire between January of 2020 and Nov. 30, 2023, and were not replaced with a new passing score.

The board also voted that there will be no refunds issued of any past payments or unused testing documents.

You can see the new expiration dates in the table below:

Month and year credits earned Original expiration date New expiration with VBOA credit relief
July ‘18 – Dec. ‘18 Jan. ‘20 – June ‘20 6/30/2025
Jan. ‘19 – Dec. ‘19 July ‘20 – June ‘21 6/30/2025
Jan. ‘20 – Dec. ‘20 July ‘21 – June ‘22 6/30/2025
Jan. ‘21 – Oct. ‘21 July ‘22 – April ‘23 6/30/2025
Nov. ‘21 – May ‘22* May ‘23 – Nov. ‘23 6/30/2025

*Expiration dates for credits earned after May 2022 and benefiting from the VBOA 30-month credit extension can be found here.

 

Q&A

Who does this impact and how?

This initiative impacts anyone who earned a credit between July 1, 2018, and May 31, 2022. Those credits will now expire June 30, 2025. If the credits were already expired, they will first be reinstated.

If I want to reinstate an expired credit covered by this initiative, what do I need to do?

Nothing. If your credits are eligible, you will see those credits reflected in your NASBA candidate portal on or about Nov. 15.

When will my records be updated to reflect the extension?

On or about Nov. 15.

I already transferred to another jurisdiction which did not adopt the credit relief initiative. Can I transfer my credits back to Virginia?

Boards do not transfer or accept expired credits. You are subject to the rules and requirements of the board you are currently a candidate of.

How does the VBOA’s credit relief differ from that of other boards?

The NASBA recommendation left a gap, only reinstating credits earned Jan. 1, 2020, through May 11, 2023. The VBOA voted to also include people with credits that have expired or will expire between May 12, 2023, and Nov. 30, 2023, bridging this initiative with the 30-month credit extension. Some boards haven’t passed any credit relief, while other boards are accepting extensions on a case-by-case basis. The VBOA is reinstating these credits all at the same time. The VBOA will not offer refunds of any past payments or unused testing documents.

30-month credit approval

During its Aug. 29 meeting, the VBOA approved that:

  • All exam credits active as of Dec. 15 will have a lifespan of at least 30 months.
  • Exam credits earned after Jan. 9, 2024, will have a lifespan of 30 months (2.5 years) that begins on the score release date.

Please note: Candidates will not see their new expiration date reflected in their NASBA Candidate Portal until the new exam is implemented in January of 2024.

Temporary suspension of re-exam fees

The board voted to suspend the fees associated with processing re-exam requests during the transition to the new version of the CPA exam known as CPA Evolution.

The suspension began Sept. 1 and will last until at least March 31, 2024, at which time the fee will be revisited.

The re-exam fees were $20 for each application (sometimes called a “payment coupon request”) scheduled after the initial exam application.

Summer newsletter out now

Cover of Accrued Interest featuring mountain scene with text: Change is on the Horizon for CPA candidatesThe latest issue of Accrued Interest is out now. Check it out for details on:

  • Important dates for the CPA Exam transition
  • The four Virginia winners of the prestigious Sells Award
  • The well-attended March VBOA meeting at Hampton University

Accrued Interest is published twice yearly in the winter and summer and is one of our primary sources for communicating to accounting professionals including individual licensees, firms and CPA exam candidates.

Share any questions or content ideas with Kelli Yoder, the Virginia Board of Accountancy communications coordinator: kelli.yoder@boa.virginia.gov or (804) 367-1586 .

You can find all of the VBOA’s previous newsletters here >>.

Important Message for Exam Candidates from NASBA

The UAA Model Rules have no immediate effect on state board rules. As the membership organization of the 55 U.S. Boards of Accountancy, NASBA, through its Uniform Accountancy Act Committee, provides the Model Rules as recommendations to boards for adoption whereby uniform adoption is encouraged. As such, each individual board may consider the amendment to the Model Rule 5-7 and, if so choose, commence a process to change the rules at the state level. Current Exam candidates remain under existing rules until, if and when, the board to which they applied makes changes.

VBOA winter newsletter now available

The latest Virginia Board of Accountancy’s newsletter, Accrued Interest, is now available. The winter 2023 issue is filled with news and updates from the last few months. Articles include information tailored to individual licensees, firms and CPA exam candidates.

The winter issue includes information about the current CPA pipeline decline, future of the CPA exam, license renewals, 2023 ethics courses, disciplinary actions and much more.

The newsletter remains one of the VBOA’s central sources of communicating to the accounting professionals. The VBOA distributes Accrued Interest twice each year, in the summer and in the winter.

Contact Kelli Anderson, VBOA Communications Manager, at kelli.anderson@boa.virginia.gov or at (804) 367-1586 with any comments and suggestions.

Do not forget to look back at the VBOA’s previous newsletters.

VBOA-approved ethics courses now available for 2023

Beginning Feb. 1, 2023, CPAs can begin meeting the annual ethics CPE requirement. Approved courses of the VBOA-approved ethics course are posted on the website at https://boa.virginia.gov/individual-cpas/cpe/vboa-approved-ethics-course/approved-ethics-courses-and-providers-2023/.

The VBOA pre-approves all providers and courses to meet the 2023 ethics requirement. It is the CPAs responsibility to choose an ethics course from a VBOA-approved provider.

Courses and providers will continue to be approved and posted on the VBOA website throughout 2023.

Providers and CPAs can review the frequently asked questions page about the ethics format along with questions about the application process for new providers.

Providers interested in offering a 2023 VBOA-approved ethics course can apply online at https://boa.virginia.gov/individual-cpas/cpe/vboa-approved-ethics-course/approved-ethics-courses-and-providers-2023/.

Summer 2022 newsletter available online

The Virginia Board of Accountancy’s newsletter, Accrued Interest, is now available online. The summer 2022 issue is filled with news and updates from the last few months. Articles include information tailored to individual licensees, firms and CPA exam candidates.

The summer issue includes information about protecting the public through enforcement, new Board members, CPA Evolution transition, Saunders being named national Vice Chair, disciplinary actions and much more.

The newsletter remains one of the VBOA’s central sources of communicating to the accounting professionals. The VBOA distributes Accrued Interest twice each year, in the summer and in the winter.

Contact Kelli Anderson, VBOA Communications Manager, at kelli.anderson@boa.virginia.gov or at (804) 367-1586 with any comments and suggestions.

Also, please do not forget to look back at the VBOA’s previous newsletters.