Pair of Finance, Accounting Bills Signed Into Law
|Labor & Commerce Comm. Chair Comments on HB 315, HB 416 Enactment|
Posted: June 10, 2010
(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.
Both of these bills aren't headliners or hot button issues, but they help Alaska businesses and nonprofits work.
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