A bill for an act relating to qualifications for a certificate as a certified public accountant and including effective date provisions.(See SF 477.)

Iowa Senate Study Bill 1141 (SSB1141) proposes changes to the qualifications required to become a Certified Public Accountant (CPA) in Iowa. Under the bill, applicants can qualify for CPA certification through one of two pathways: 1) completing at least 150 semester hours of college education, earning a degree, and obtaining at least one year of relevant experience; or 2) completing at least 120 semester hours of college education, earning a degree, and obtaining at least two years of relevant experience. The degree must be at least a bachelor's and include a concentration in accounting or a substantially equivalent area. Relevant experience includes services involving accounting, attest, compilation, management advisory, financial advisory, tax, or consulting, and can be gained in government, industry, academia, or the public sector. The bill is set to take effect on July 1, 2026.

Supporters of SSB1141 argue that the bill provides flexibility for CPA candidates by offering two pathways to certification, potentially increasing the number of qualified accountants in Iowa. They believe that allowing candidates with 120 semester hours and two years of experience to qualify addresses workforce shortages and aligns with the evolving nature of the accounting profession.

Critics of SSB1141 express concern that reducing the educational requirement from 150 to 120 semester hours, even with additional experience, may dilute the rigor and perceived value of the CPA designation. They worry that this change could lead to inconsistencies in the quality of accounting professionals and may not align with national standards, potentially affecting the mobility of Iowa CPAs.