OAR 801-040-0100: New Licenses/Reinstated Licenses

(1) CPE Requirement (a) Licensees who receive an initial license to practice public accountancy shall comply with the CPE requirements from the date of issuance of the license on a prorated basis of ten (10) hours of CPE as described in OAR 801-040-0010(1) for each full three (3) month period from the date of the initial license, until the end of the renewal period in which the license is issued. If the time-period is less than three (3) full months, the only CPE required for license renewal is the four (4) hours of ethics described in OAR 801-040-0010(1)(d). (b) The 20 hour annual CPE requirement shall also be prorated at five (5) CPE hours for each full 3 month period from the date of the initial license, until the end of the renewal period in which the license is issued. If the time-period is less than three (3) full months from the date of the initial license until the first license expiration date no annual CPE requirement will be required. (c) CPE hours earned during any month of the two-year renewal cycle during which the initial license was issued shall be eligible to meet the initial CPE requirement. (d) The maximum credit allowed for non-technical CPE hours is no more than 20% of the prorated CPE hours due. (2) Requirement for licensed public accountants who become licensed as certified public accountants. Licensees who hold a license to practice public accountancy as a licensed public accountant under ORS 673.100, and who receive an initial certificate and license to practice public accountancy as a certified public accountant shall, in addition to the requirement under section (1) of this rule, complete and report 10 CPE hours for each full 3-month period of the renewal period during which the person held a license as a public accountant. CPE hours earned during any month of the two-year renewal cycle during which the initial license was issued shall be eligible for credit to meet this requirement.