TITLE: Composition of Credit Hours Required for Examination

DATE ADOPTED: December 16, 2022

ADOPTED BY: Indiana State Board of Accountancy by a vote of 2-1-0

NOTICE: Under IC 4-22-7-7, this document is required to be published in the Indiana Register and is effective on its date of publication. It shall remain in effect until the date it is superseded or deleted by the publication of a new document in the Indiana Register. The publication of this document will provide the public with information about the board's official position concerning a specific issue.

DISCLAIMER: This nonrule policy document is intended to supplement applicable rules and laws. It does not replace applicable rules and laws and, if it conflicts with these rules or laws, the rules or laws shall control. Decisions made under this nonrule policy document are not subject to review unless a review is separately granted by statute.

To provide interpretation of the "accounting and business administration credits or the equivalent, as determined by the board to be appropriate" with respect to the CPA exam requirements contained in 872 IAC 1-1-9.6.

Prior to October 3, 2022, candidates for the CPA examination were required to have 150 credit hours of college education prior to sitting. Within the 150 credit hours, candidates' credit hours were to be composed of at least: (1) 24 semester hours in accounting at the undergraduate level, or 15 semester hours in accounting at the graduate level, or an equivalent combination thereof; and (2) 24 semester hours in business administration and economics courses, other than accounting courses, at the undergraduate or graduate level. Rules promulgated by the board on October 3, 2022, reduced the total number of required credit hours to 120. The rules left composition of those hours to the board's interpretation. This policy establishes the board's interpretation of the required credit hour composition.

"CPA examination candidates may not take the CPA examination prior to meeting the education requirements found in IC 25-2.1-3-2 for first time CPA examination candidates, which may be met by obtaining at least one hundred twenty (120) semester hours of college education that includes accounting and business administration credits or the equivalent, as determined by the board to be appropriate.". 872 IAC 1-1-9.6(a).

For the purposes of 872 IAC 1-1 et seq., an "accounting and business administration credits or the equivalent, as determined by the board to be appropriate" means: