Working as an accountant is a dream of many. But to fulfill and achieve this dream, one needs proper guidance and understanding of the complete process to become an Idaho Falls Accountants.
Apart from aspiration, a correct process should be adapted to become a good accountant in Idaho. Considering the same, this good read is focused on the main criteria that can help a person to become a successful Idaho Falls Accountants.
So, let’s get started!
Eligibility Criteria to Become Idaho Falls Accountant
Idaho has a classification for the aspirants who want to build a concrete future as public accountants, Certified Public Accountants (CPAs) and Licensed Public Accountants (LPAs). Thus, let’s know both the criteria one by one.
- CPA: Certified Public Accountant
It is a license that one can get with a lot of hard work, training, and expertise. CPAs are certified accountants who can freely carry out their accountancy duties without any issue. As a CPA, you are allowed to do tax planning, monetary planning, interior account audit and much more.
As we have clearly mentioned before, CPA is the best way to become an Idaho Falls Accountant. To become a CPA, there are some steps one needs to follow. These include:
- 150 Semester Hours In College Or University.
- Bachelor’s Diploma with Specializations For A Minimum Of 30 Semester Hours.
- 24 hours in accounting, including Financial Accounting, Auditing, Taxation, and Management Accounting.
- 24 hours in business courses, including Business Communications, Marketing, Management, Business Law, Statistics, and Economics. You should have at least three or all in your coursework.
- Your university should be fully accredited by NASC, which is the Northwest Association of Schools and Colleges. The Board will need original and sealed transcripts from every institution you have attended in the past.
- To get a CPA license, you will need to have a minimum of 12 months or 2000 hours of skilled expertise in a good accounting firm.
- you will need to finish a course and an examination of Ethics from the American Institute of Licensed Public Accountancy (AICPA). It is a self-study course conducted through CD alloted by AICPA, which is available for both Windows and Mac. It is an 11-hour course, and your score should be more than and equal to 90%.
- If you are willing to go for a CPA, a background verification will be performed on your profile to ensure that you don’t have any legal issues. Candidates will have to complete the Idaho Division of Legislation Enforcement Prison Historical Past Data Verification.
- AICPA conducts the CPA exam. This is an entrance exam that is administered by the Nationwide Affiliation of State Boards of Accountancy (NASBA). The AICPA examination is considered one of the toughest examinations conducted in the US. If you are willing to go for the exam, you want to relocate to Idaho Falls or should be a resident. Besides, get every detail regarding the exam schedule, and choose your preferred time slot for the examination. The examination consists of 4 sections,
- Financial Accounting and Reporting
- Auditing and Attestation
- Business Environment and Concepts.
These must be given in 18 months, and you must have a passing percentage of 75%.
- Once you have passed the examination, you will have to fill the shape accessible from the Board’s website which is the last step to becoming an Idaho Falls Accountant. After the Board gets your application for the license, you will be given a receipt.
In the meantime, a radical verification will be performed on your documents and exam scores to verify the certainty of your application.
Once the verification is completed, the Board will send a letter of approval, after which you can start your career as a licensed CPA in Idaho Falls. Once you have been licensed as a CPA, you have to renew the license every year on or before July 1.
- LPA: Licensed Public Accountant
LPA is an experience-based designation which is for those who have been practicing public accounting in a particular state where public accounting was unregulated. LPA is an option for those who are not certified as CPAs. The main reason behind this is that there are very limitations to the work of an LPA as compared to a CPA. In simpler terms, a CPA is also an LPA but an LPA is not a CPA.
The Idaho Board of Accountancy is one of the few in the USA which offer LPA licenses to new public accountants. The work of an LPA is limited to tax preparation, and bookkeeping.
We talked about steps which will lead you to achieve and become an Idaho Falls Accountant. Though there are two ways to become an accountant in Idaho Falls, CPA is considered better than LPA, and must be the first choice of every aspirant. Once you have got the CPA license, you can start working as an accountant in Idaho Falls and other states in the USA, while with an LPA license you will be restricted to only some of the states in the US. By following the above-mentioned steps correctly, one can get licensed as a CPA or LPA and start their accounting journey.