IL Registered CPA vs Licensed CPA-BREAKING NEWS!!!!

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IL Registered CPA vs Licensed CPA-BREAKING NEWS!!!!

12 posts from 8 voices

Started 1 year ago by IL Davey
Latest reply from oobaisi

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IL Davey

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The registered cpa designation was set to expire on June 30, 2010, and anyone who didn't pass all their exams and register would only be able to become a licensed cpa. That's one of the reasons why I squeezed my 4 exams into a 5 month window, so I could be "grandfathered" in as a registered cpa. Well I made it by June 30, (yeah for me), but it looks like so did you, even if you haven't passed your tests yet.

You have until June 30, 2012....see below.

GOVERNOR SIGNS LEGISLATION TO EXTEND REGISTERED CPA OPTION
The Illinois CPA Society, working with Rep. Robert Rita (D-28, Blue Island), introduced legislation to amend the Illinois Public Accounting Act to extend the registered CPA sunset from June 30, 2010 to July 1, 2012 and to update the peer review section to conform to AICPA peer review standards. Governor Quinn signed House Bill 6415 on June 25, 2010 at the request of ICPAS.

done!
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Posted 1 year ago #
magic_8_ball_did_i_pass

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What's the difference? Is that the 120 college hours vs the 150 college hours???

IL - BECKER=============> DONE
REG - 80; FAR - 65,79; AUD - 53,78; BEC - 71,68, 75 (used becker and yaeger for 3rd BEC)Ethics 95

I'M GONNA CELEBRATE AND LIVE MY LIFE SAYING AYE OH BABY LETS GO!!!!!

Posted 1 year ago #
magic_8_ball_did_i_pass

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Nevermind...

CPA Registration (RCPA)

Only available to new applicants until June 30, 2010
Lower fee to register and renew
No Continuing Education hours required
No experience required
Use the CPA name
You cannot practice public accounting as defined in Section 450/8 of the Public Accounting Act. This means that you cannot:
Offer attest services (certifying that financial documents you review in audit appear truthful) or be a partner in a firm that does attest services
Work directly with the Internal Revenue Service (IRS)

CPA Licensure (LCPA)

Higher fee to license and renew
Continuing Education hours required every renewal period
1 year of experience in accounting or auditing-related work required after passing CPA exam
Use the CPA name
You can:
Offer attest services or be a partner in a firm that does attest services
Work directly with the Internal Revenue Service (IRS)

IL - BECKER=============> DONE
REG - 80; FAR - 65,79; AUD - 53,78; BEC - 71,68, 75 (used becker and yaeger for 3rd BEC)Ethics 95

I'M GONNA CELEBRATE AND LIVE MY LIFE SAYING AYE OH BABY LETS GO!!!!!

Posted 1 year ago #
Misterbum

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Sounds like pretty good news! I was fully planning on getting licensed, but with this an option now I'll definitely have to consider it.

(IL) / BEC - 81 (2/20/10) / AUD - 94 (4/19/10) / REG - 86 (5/24/10) / FAR 96 (10/18/10) / DONE

Posted 1 year ago #
oobaisi

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Great news! Hopefully I'll be registered within the next few weeks!

AUD 82, REG 85, BEC 80, FAR 76, Ethics 98

FREEDOM!!!!

Posted 1 year ago #
cathie

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Yay! Great news!

Illinois Candidate
FAR 1/5/11-86, AUD 2/23/11-86
BEC 4/8/11-85, REG 5/23/11- WAITING!!!

Posted 1 year ago #
CPA Someday

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Awesome news.. thanks for sharing!

The difference 8 ball.. was going to be if you had experience or not. the new regulation was that you had to have experienced to be registered.. to hold yourself out as a CPA. You could have the license but not be registered.

Now it looks like they have extended it to 2012.. now you can be registered without the experience.

Am I viewing this correctly?

REG 81; BEC 79; FAR 81!!; AUD 71, 92
Ethics 98

Illinois DOES post on Saturdays!!!

Posted 1 year ago #
cathie

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CPAsomeday- that's the way I understood it too (the experience part)

Illinois Candidate
FAR 1/5/11-86, AUD 2/23/11-86
BEC 4/8/11-85, REG 5/23/11- WAITING!!!

Posted 1 year ago #
mrfps422

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So this is good for all of us who aren't in public accounting to hold ourselves out as CPAs without having the experience?

REG: 10/2011 - 76
BEC: 11/2011 - 81
AUD: 2/2011 - 64, 80
FAR: 5/2011 - 83 ILLINOIS - DONE!!

Posted 1 year ago #
oobaisi

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Yes, now you can hold yourself out as a CPA without public experience. The bright side for me is I had the experience, but passed the exam after leaving public. The rule was you needed the experience AFTER you passed, so I would have been out of luck. Luckily, now I'm registered and can still be designated a CPA.

AUD 82, REG 85, BEC 80, FAR 76, Ethics 98

FREEDOM!!!!

Posted 1 year ago #
DWS

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oobasisi,

I am just a bit confused... since IL is a 2-tier state they have Registered CPA's and Licensed CPA's. Registered CPA's can be designated a CPA, they don't have to have the 1yr work exp but cannot perform audit/attest functions. Licensed CPA's have to have the 1yr work exp and can perform audit/attest functions. But, according to the ILCPA Society it didn't seem to me that the exp had to be publi???. I think it notes, public, business, gov't, academic exp.

I passed the exams in Nov 2010, and have >15yrs exp in accounting in the private sector... I sent in both applications for Reg CPA and Lic CPA...

is this what you think?

Posted 1 year ago #
oobaisi

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My understanding is that once you pass you must complete one year of experience in public accounting and keep your CPE hours current (40 per year). This gives you the ability to sign off on audit/attest functions. The Registered CPA does not need to keep up with CPE hours, and can hold him/herself out as a CPA. However, they cannot sign off on audit/attest functions.

AUD 82, REG 85, BEC 80, FAR 76, Ethics 98

FREEDOM!!!!

Posted 1 year ago #

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IL Registered CPA vs Licensed CPA-BREAKING NEWS!!!!

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