California Adopts 150-Hour Rule
California has joined the states mandating the 150-hourrule, as Gov. Arnold Schwarzenegger has signed into law SB 819 requiring allCalifornia CPAs licensed after 2014 to have 150 hours of college educationprior to licensing.
California CPAs licensed prior to 2014 will begrandfathered in as substantially equivalent.
Colorado, Puerto Rico, and the U.S. Virgin Islands remainholdouts on the 150-hour rule.
Additionally, Schwarzenegger signed AB 138, whichrequires mandatory peer review for CPA firms, which begins in 2010, butimplementation will be phased in over a three-year period.
Also signed into law were AB 117, which requires licensestatus disclosure for inactive CPAs.