Grace period ends: old pathways requirements to expire soon.

• Author: Allen, Bruce C.
• Position: Capitol Beat

In October 2013, Gov. Brown signed into law SB 823, which created a grace period for those who passed all four part of the Uniform CPA Exam before Dec. 31, 2013, to utilize the old pathway requirements for licensure, rather than the new requirements that carry additional specificity within the 150 units. These new licensing requirements took effect January 2014.

This extra time has been significant for candidates and applicants who passed the exam, but needed more time to complete the rest of the requirements before they could apply for licensure. However, the cutoff date for candidates to take advantage of this option is quickly coming. The option of using the old pathways requirements is set to expire Dec. 31, 2015.

CalCPA strongly urges candidates who can to take advantage of the grace period and apply by the end of the year to avoid the potential need for additional education to meet the new requirements. Visit the CBA's website (dca.ca.gov/cba) for additional information about the grace period.

Successful Financial Literacy Summit

CalCPA's annual Financial Literacy Summit was held in July in San Jose, and was once again a huge success. More than 200 participants were able to hear and benefit from the great information and advice provided. State Controller Betty Yee, Assembly member Kansen Chu, California State PTA President-Elect Dianna MacDonald and Ingrid Holguin with the Mayor of San Jose's Office were the keynote speakers. All four provided a unique perspective as to why it's imperative to be cognizant of one's financial fitness, and how California's future depends on the ability of its residents to make smart decisions when it comes to personal finances.

Several other speakers also were able to lend their expertise in various areas to help taxpayers better understand the available financial options and best practices. There were sessions devoted to partnering with other community organizations and using the resources available to improve financial literacy. Moreover, there was a session that trained CPAs interested in volunteering to be presenters in their communities at financial literacy events that CalCPA coordinates with legislators throughout California.

One session that received a lot of positive feedback focused on helping people deal with and minimize student loan debt. The panel included speakers from the U.S. Department of Education and the California Student Aid Commission, the director of Financial Aid and Scholarships...