New Mexico

BOARD INFORMATION FOR REFERRALS:

New Mexico State Board of Public Accountancy
5200 Oakland NE Ste D
Albuquerque, NM 87113
Phone: (505) 222-9850
Fax: (505) 222-9855
Website: www.rld.state.nm.us/accountancy/index.html

DO PES COURSES QUALIFY FOR CPE IN THE STATE OF NEW MEXICO? YES

New Mexico does not pre-approve continuing education programs or sponsors and they do not have sponsorship agreements. They will accept (but do not require) courses from NASBA and NASBA-QAS sponsors. PES is a registered sponsor with NASBA and NASBA-QAS and have issued credits in the state of New Mexico without any problems.

LICENSE RENEWAL INFORMATION:

• 120 hours every 3 years
• Minimum of 20 hours per year
• Minimum of 96 of the 120 hours need to be in technical subjects (see below)

LICENSE EXPIRATION INFORMATION:

• Annually based on birth month
• Each license is issued for a one-year period. It is effective the first day of the month following the holder's birth month and expires on the last day of the holder's birth month in the following year (see example below).

CPE COMPLETION DUE BY:

• Annually based on birth month. CPE must be completed and reported by the license expiration date. The three year CPE requirement is a rolling three year period; it begins on the first day of the month following the licensee's birth month three years ago and ends on the last day of the month of the licensee's birth month for this year. Meaning that every renewal date (each year), they must show 120 hours of CPE in the previous three years. See the example listed below.

• Example: An individual born in May has the following deadlines:
  
  Expiration date of license: May 31st, 2008
  Deadline for renewal application: May 31st, 2008
  End of CPE reporting period (CPE due date): May 31st, 2008
  Three year rolling cycle for CPE would be: June 1, 2005 to May 31st, 2008 *
  * needs to show 120 hours total for this time frame

SELF STUDY CREDIT HOURS:

Credits granted for PES courses are based on the AICPA and NASBA (National Association of State Boards of Accountancy) statement of standards which grant 1 CPE credit for every 50-minutes of study time.

MAXIMUM ALLOWABLE SELF STUDY CREDITS:

• Registrant may claim up to 96 hours for formal self-study programs.
• A minimum of 24 hours shall be taken outside the individual's firm (this applies to sole practitioners as well) in a public presentation environment which is defined as a group program in which at least ten perfect of the registered participants are not members, associates, client or employees of the firm.

ACCEPTABLE AREAS OF STUDY:

The regulations state: "A program qualifies as acceptable continuing education if it is a formal program of learning which contributes to the growth in the professional knowledge and professional competence of a practitioner... and meets the standards as established by NASBA." (which PES courses do)

Technical subjects are defined by the board as: "... subjects such as audit; attestation; financial reporting; tax, management consulting; financial advisory or consulting; and other areas acceptable to the board as directly related to the professional competence of the individual."

If you have any questions regarding your CPE requirements, please call PES at 1-800-990-2731 or your State board. Updated 3/28/2008.

(PLEASE NOTE: Since state board regulations are constantly changing, the information contained here is deemed reliable however it is not guaranteed. We encourage you to contact your state board to answer any questions and confirm or clarify any requirements listed here.)

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