NASBA, AICPA Update Uniform Accountancy Act.

The National Association of State Boards of Accountancy and the AICPA have released the eighth edition of the Uniform Accountancy Act, with some important changes, particularly related to "retired accountants."

Among the major changes is a provision for a "retired CPA" category. Under the provision, CPAs 55 years of age and older can elect to place their license in an inactive status and discontinue meeting continuing professional education requirements. For CPAs at the end of their careers, the provision offers them an exception to ensure they can continue to offer a limited number of volunteer, uncompensated services to the public.

The...