Senate Bill 0688

CODING: Words stricken are deletions; words underlined are additions.



    Florida Senate - 2000                                   SB 688

    By Senator Sullivan





    22-379-00                                               See HB

  1                      A bill to be entitled

  2         An act relating to public accountancy; amending

  3         s. 473.308, F.S.; extending an application

  4         deadline for licensure based on certain

  5         practice experience; amending s. 473.309, F.S.;

  6         revising a practice requirement of

  7         partnerships, corporations, and limited

  8         liability companies relating to ownership;

  9         amending s. 473.322, F.S.; authorizing and

10         providing requirements for the use of practice

11         titles, designations, and abbreviations by

12         licensees of other states; providing an

13         effective date.

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15  Be It Enacted by the Legislature of the State of Florida:

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17         Section 1.  Subsection (4) of section 473.308, Florida

18  Statutes, is amended to read:

19         473.308  Licensure.--

20         (4)  If application for licensure is made prior to

21  October 1, 2005 August 1, 2000, and the applicant has 5 years

22  of experience in the practice of public accountancy in the

23  United States or in the practice of public accountancy or its

24  equivalent in a foreign country that the International

25  Qualifications Appraisal Board of the National Association of

26  State Boards of Accountancy has determined has licensure

27  standards that are substantially equivalent to those in the

28  United States, the board shall waive the requirements of s.

29  473.306(2)(b)2. that are in excess of a baccalaureate degree.

30  All experience that is used as a basis for waiving said

31  requirements of s. 473.306(2)(b)2. must be experience outside

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CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 2000                                   SB 688
    22-379-00                                               See HB




  1  this state. Furthermore, said experience must be after

  2  licensure as a certified public accountant by another state or

  3  territory of the United States or after licensure in the

  4  practice of public accountancy or its equivalent in a foreign

  5  country that the International Qualifications Appraisal Board

  6  of the National Association of State Boards of Accountancy has

  7  determined has licensure standards that are substantially

  8  equivalent to those in the United States. The board shall have

  9  the authority to establish the standards for experience that

10  meet this requirement.

11         Section 2.  Paragraph (b) of subsection (1), paragraph

12  (b) of subsection (2), and paragraph (b) of subsection (3) of

13  section 473.309, Florida Statutes, are amended to read:

14         473.309  Practice requirements for partnerships,

15  corporations, and limited liability companies; business

16  entities practicing public accounting.--

17         (1)  A partnership may not engage in the practice of

18  public accounting, as defined in s. 473.302(7)(a), unless:

19         (b)  Partners owning at least 51 percent two-thirds of

20  the financial interest and voting rights of the partnership

21  are certified public accountants in some state. However, each

22  partner who is a certified public accountant in another state

23  and is domiciled in this state must be a certified public

24  accountant of this state and hold an active license.

25         (2)  A corporation may not engage in the practice of

26  public accounting, as defined in s. 473.302(7)(a), unless:

27         (b)  Shareholders of the corporation owning at least 51

28  percent two-thirds of the financial interest and voting rights

29  of the corporation are certified public accountants in some

30  state and are principally engaged in the business of the

31  corporation. However, each shareholder who is a certified

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CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 2000                                   SB 688
    22-379-00                                               See HB




  1  public accountant in another state and is domiciled in this

  2  state must be a certified public accountant of this state and

  3  hold an active license.

  4         (3)  A limited liability company may not engage in the

  5  practice of public accounting, as defined in s. 473.302(7)(a),

  6  unless:

  7         (b)  Members of the limited liability company owning at

  8  least 51 percent two-thirds of the financial interest and

  9  voting rights of the company are certified public accountants

10  in some state. However, each member who is a certified public

11  accountant in some state and is domiciled in this state must

12  be a certified public accountant of this state and hold an

13  active license.

14         Section 3.  Section 473.322, Florida Statutes, is

15  amended to read:

16         473.322  Prohibitions; penalties.--

17         (1)  A person may not knowingly:

18         (a)  Practice public accounting unless the person is a

19  certified public accountant or a public accountant;

20         (b)  Assume or use the title titles or designation

21  designations "certified public accountant" or "public

22  accountant" or the abbreviation "C.P.A." or any other title,

23  designation, words, letters, abbreviations, sign, card, or

24  device tending to indicate that the person holds an active

25  license under this chapter, unless the person holds an active

26  license under this chapter; however, a person not licensed in

27  this state who holds an active license to practice as a

28  certified public accountant in another state may use the title

29  or designation "certified public accountant" or the

30  abbreviation "C.P.A.," but only when the state of such

31  licensure immediately precedes or follows such title,

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CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 2000                                   SB 688
    22-379-00                                               See HB




  1  designation, or abbreviation and the words "not licensed or

  2  qualified to practice public accounting in Florida" are used

  3  immediately following such title, designation, or

  4  abbreviation;

  5         (c)  Perform or offer to perform any services described

  6  in s. 473.302(7)(a) unless such person holds an active license

  7  under this chapter and is a licensed audit firm or provides

  8  such services through a licensed audit firm. This paragraph

  9  does not prohibit the performance by persons other than

10  certified public accountants of other services involving the

11  use of accounting skills, including the preparation of tax

12  returns and the preparation of financial statements without

13  expression of opinion thereon;

14         (d)  Present as her or his own the license of another;

15         (e)  Give false or forged evidence to the board or a

16  member thereof;

17         (f)  Use or attempt to use a public accounting license

18  that has been suspended, revoked, or placed on inactive or

19  delinquent status;

20         (g)  Employ unlicensed persons to practice public

21  accounting; or

22         (h)  Conceal information relative to violations of this

23  chapter.

24         (2)  Any person who violates any provision of this

25  section commits a misdemeanor of the first degree, punishable

26  as provided in s. 775.082 or s. 775.083.

27         Section 4.  This act shall take effect July 1, 2000.

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CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 2000                                   SB 688
    22-379-00                                               See HB




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  2                       LEGISLATIVE SUMMARY

  3    Extends an application deadline for licensure to practice
      public accounting based on certain practice experience,
  4    without having to meet certain educational requirements
      in excess of a baccalaureate degree. Reduces the
  5    accountant ownership requirement for a partnership,
      corporation, or limited liability company to practice
  6    public accounting. Authorizes and provides requirements
      for the use of certified public accounting titles,
  7    designations, and abbreviations by licensees of other
      states. (See bill for details.)
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