The American Institute of CPAs (AICPA), along with eight other professional groups, has urged the US Department of Education to maintain the accounting programme professional degree designation in its new draft regulation.
The AICPA and eight other professional groups represent approximately 1.5 million accounting and finance professionals.
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The recent Department of Education draft regulation excludes accounting programmes across the US from a professional degree designation for the purposes of graduate student loan eligibility.
According to the professional groups, this move by the department would have a detrimental impact on the accounting profession.
Excluding accounting would reduce federal graduate loan eligibility and related funding for students preparing to enter a licensed profession that safeguards financial transparency, compliance and the public interest, they stated in the letter sent to the Department of Education.
In a letter, the groups said: “Accounting is a profession. It is state-licenced, built on rigorous education beyond a standard bachelor’s degree, validated by the Uniform CPA Examination and governed by ethics and competency standards. Students pursuing this pathway should have equitable access to graduate level financing, consistent with other recognised professional programmes that serve critical public needs.”
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By GlobalDataBesides the AICPA, the other eight professional bodies are the Association of Government Accountants, the American Accounting Association, the Center for Audit Quality, Financial Executives International, the Institute of Internal Auditors, the NABA, the National Association of State Boards of Accountancy and the National Council of Philippine American Canadian Accountants.
The group urged for a “parity approach”, which would help sustain the pipeline of future accountants and safeguard markets.
Last month, the AICPA provided additional input to the Multistate Tax Commission (MTC) and its working group regarding rules on partnership income sourcing.
The letter addressed issues and questions raised by the group in response to previous AICPA correspondence, as well as the latest draft of the MTC’s white paper on state tax sourcing of partnership income, pass-through tax system processes and blended apportionment methods.
