Guam CPE Requirements for CPAs
Ongoing licensure with the American Institute of Certified Public Accountants (AICPA) comes with a fairly hefty continuing professional education requirement, the nuances of which might be easy to become lost in. To make matters worse, since each state and territory is regulated by a Board of Accountancy, the stipulations vary by location, and if members aren’t careful to understand their jurisdiction’s requirements, the renewal process can become somewhat frustrating. So, it is important for CPAs to gather accurate knowledge on their state’s specific rules for recertification. Licensees who are located in Guam are required to renew their license every two years, and must complete a minimum of 20 hours of continuing professional education per year and 120 hours over a three-year period. The table below offers further details about the primary recertification limitations and deadlines for Guam.
|License Renewal Date||CPE Reporting Period||Total CPE Hours||Self-Study Credit Limitations|
|June 30 annually||January 1 – December 31 over a three-year rolling period||120 hours||None|
Subject Area Requirements
Every recertification period (three years), 6 of the required 120 hours completed must be in Professional Ethics, and 30 hours must be in Accounting and Auditing.
Credit Limitations and Calculation
According to the rules set forth by the Guam Board of Accountancy, CPAs who provide formal instruction or presentations can obtain CPE credits for doing so, where credit is equal to presentation plus preparation. Preparation is limited to two times presentation, and repeat instruction is only accepted if material is substantially changed.
If a CPE is an active student in college or university courses, they may obtain CPE credit for successful completion of the class. Credit is calculated at a rate of 15 CPE hours per semester hour (generally 45 hours for a 3-credit-hour course) or 10 CPE credits per quarter hour. For non-credit university courses, credit can be obtained at a rate of one qualifying hour per classroom hour.
Group programs and blended learning programs must be a minimum of one hour, but credit may be earned in one-fifth or one-half hour increments after the first full hour is earned. Self-study programs must be a minimum of one-half credit initially but may be earned in one-fifth or one-half hour increments after the first full hour is earned. Nano-Learning is earned at one-fifth credit hour.
Personal development courses are limited to 30 hours of the 120-hour requirement per recertification period.
Other Policies and Exemptions
A non-resident licensee seeking renewal of a license in Guam shall be determined to have met the CPE requirement to this rule by meeting the CPE requirements for renewal of a certificate or license in the state in which the licensee’s principal office is located. If a non-resident licensee’s principal office state has no CPE requirements for renewal of a certificate, the non-resident licensee must comply with all CPE requirements for renewal of a license in Guam.
Applicants who do not meet the requirements by December 31 will be granted an automatic extension until June, provided the applicant completes an additional 16 hours (136 hours total) of CPE in accounting and auditing subjects.
CPAs will be granted automatic exemption from continuing professional education requirements, so long as they belong to one of the following categories and are not actively offering their services to any parties:
- Retired members
- Currently unemployed members
- Members who have temporarily chosen to leave the workforce (no matter plans to return in the future)
- Formally listed, “inactive” members
Waivers for continuing professional education exemption can be requested by CPAs for the following reasons and are subject to Board review and approval:
- Complications with health
- Military service
- Natural disasters that could interfere with continuing professional education
- Other circumstances which have potential to interfere with continuing professional education
Additional CPE Resources for CPAs
Article written by Braden Norwood