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Committee approves update to Public Accountancy Act; sponsors say changes will ease CPA pathways
Summary
A committee substitute updating the Public Accountancy Act advanced after supporters, including the New Mexico Society of CPAs, said the bill modernizes education and exam timing requirements to help recruit accountants. The Regulation and Licensing Department said a $50,000 implementation cost will be needed and asked for rulemaking time.
A committee substitute to update the Public Accountancy Act moved forward after supporters said the bill modernizes education, examination and experience pathways for certified public accountants.
Sponsor testimony and supporters from the New Mexico Society of CPAs and accounting firms said the 1999 law needed modernization to reflect changes in the uniform accountancy model. The bill adjusts education pathways, extends the period that CPA exam results remain valid from 18 to 30 months, and aligns experience and reciprocity requirements, the sponsor’s testimony said.
Jeanette Contreras, president and CEO of the New Mexico Society of CPAs, testified the update “will positively impact the future of the accounting profession in New Mexico.” A former CPA society chair, Richard Anklam, said previous changes unintentionally worsened shortages of accountants and that the substitute would preserve standards while expanding practical paths into the profession.
The Regulation and Licensing Department noted a fiscal impact of $50,000 in its fiscal impact report that was not included in the department’s budget request. The agency requested an extension until Jan. 1, 2026, to carry out rulemaking and update the NMPlus licensing system if the bill passes.
The committee recorded a motion and roll-call; members adopted a do-not-pass on the original draft and a do-pass on the committee substitute. The chair announced the committee recommendation on the committee substitute.
Ending: The committee advanced the judiciary committee substitute for the Public Accountancy Act modernization. Supporters said the changes will make it easier for candidates to become CPAs while maintaining standards; the licensing department requested funding and time for implementation.
