PUBLIC ACCOUNTANT LICENSURE REQUIREMENTS

Education and experience requirements for new CPA certificates were increased, requiring either a bachelor's degree plus 30 semester hours in accounting/business with one year of experience, or a master's degree with one year of experience.

New provisions require CPA firms to have a majority of ownership held by certificate holders licensed in some state, with at least one owner performing professional services in New Mexico must hold a valid certificate.

Firms without a New Mexico office can now offer attest services in the state if they operate through an individual with practice privileges and can lawfully perform services in their principal place of business state.

Out-of-state practitioners can now practice in New Mexico without obtaining a local certificate if they hold a license from another state with comparable licensure requirements, including comparable education, examination, and experience standards.

New definitions were added for 'comparable licensure requirements,' 'peer review,' and 'substantial equivalency' to clarify standards for evaluating foreign designations and out-of-state licenses.

Enhanced enforcement provisions require firms to notify the board of ownership changes, office location changes, and disciplinary actions in other jurisdictions within 30 days.

The effective date of the new provisions is set for January 1, 2026, giving stakeholders time to adjust to the new requirements.

Education requirements for CPA certification were updated to require either a bachelor's degree plus 30 additional semester hours in accounting/business, a bachelor's degree with a concentration in accounting/business, or a master's degree with a concentration in accounting/business.

Experience requirements were adjusted to require at least one year of accounting experience for those with a bachelor's degree, two years for those with a bachelor's degree and concentration, and one year for those with a master's degree.

New requirements mandate that CPA firms must have a majority ownership by certificate holders licensed in some state, and attest services must be supervised by qualified personnel.

New provisions allow out-of-state CPAs to practice in New Mexico without obtaining a local certificate if they hold a valid license from another state with comparable licensure requirements and pass New Mexico's examination.

Definitions for key terms like 'attest', 'compilation', 'contingent fee', and 'practice' were updated to align with current professional standards and clarify service boundaries.

Enforcement provisions were strengthened to clarify when individuals must hold a certificate or permit, and to prohibit misleading titles or designations for unlicensed practitioners.

The effective date of the act was set to January 1, 2026, providing a transition period for affected practitioners to meet new requirements.