AK House Majority
The 26th Alaska State Legislature, 2009 - 2010  Print Friendly Version 
Press Release: House Majority Press

Pair of Finance, Accounting Bills Signed Into Law

Labor & Commerce Comm. Chair Comments on HB 315, HB 416 Enactment
Ak Legislative MajorityAk Legislative Majority
Rep. Kurt Olson R-29
Ak House Majority

Rep. Kurt Olson (R-29)
Chair, (H) L&C Com.
Ak Majority Organization

Ak Majority Organization

Posted: June 10, 2010
Contact: Jennifer Senette, 465-4530
Konrad Jackson, 465-4954


(Anchorage) - House Labor & Commerce Committee Chair Kurt Olson, R-Kenai, today released the following statement regarding the enactment of House Bill 315 and HB 416. The governor signed the bills into law this afternoon in Anchorage. HB 315 updates Alaska's public accountancy standards in four ways: allowing licensed CPAs to practice across state jurisdictions, allowing non-CPAs to have a minority ownership interest in firms, giving the State Board of Public Accountancy the jurisdiction to address any violations of its standards, and adding a full-time professional position to the current all-volunteer Board. HB 416, or the Uniform Prudent Management of Institutional Funds Act (UPMIFA,) was brought forward by the National Conference of Commissioners on Uniform State Laws in 2006 to update the industry-standard uniform and fundamental rules for the investment of funds held by charitable institutions and endowments. HB 315 carries a transition clause allowing the state board to promulgate new regulations, which will take effect Jan. 1, 2011, the same date as the changes within the bill. HB 416 takes effect Sept. 7.

Ak St Legislature Majority

Ak St Legislature MajorityBoth of these bills aren't headliners or hot button issues, but they help Alaska businesses and nonprofits work.
~ Rep. Kurt OlsonAk St Legislature Majority

Ak St Legislature Majority

Statement

"Both of these bills aren't headliners or hot button issues, but they help Alaska businesses and nonprofits work. HB 315 was a widely-supported bill we crafted with the principal oversight boards that brings Alaska in line with the rest of the nation and keeps our CPAs and accounting firms nationally competitive. HB 416 reflects the 35 years of experience that has accumulated since the original Uniform Management of Institutional Funds Act. The changes in HB 416 will allow Alaska endowments and fund managers to attract outside investors and provide them with clear definitions and guidelines to help fulfill their fiduciary responsibilities. I'm thankful to my colleagues in the Legislature for passing these two important commerce bills, and thankful to the governor for signing them into law."

# # #
Share |