(1) To ensure that accounting professionals receive the quality continuing education necessary to satisfy their professional obligation to serve the public interest, the board has adopted standards for continuing professional education.

(2) A program qualifies as acceptable continuing education if it is a formal group or self-study program of learning, which contributes directly to the professional competence of an individual permitted to practice public accounting, and such program meets the minimum standards of quality of development, presentation, measurement, and reporting of credits set forth in the most recently issued version of the Statement of Standards for Continuing Professional Education (CPE) issued jointly by the American Institute of Certified Public Accountants (AICPA) and the National Association of State Boards of Accountancy (NASBA) as adopted by reference in ARM 24.201.2121, or such other educational standards as may be established from time to time by the board.

(3) The following are examples of generally acceptable subject matter - this list is not all-inclusive:

(a) accounting and auditing;

(b) taxation;

(c) management;

(d) computer science;

(e) communication arts;

(f) mathematics, statistics, probability, and quantitative application in business;

(g) economics;

(h) business law;

(i) functional fields of business: finance, production, marketing, personnel relations, business management, and organization;

(j) specialized areas of industry (e.g., film industry, real estate, farming, etc.);

(k) administrative practice (e.g., engagement letters, personnel, etc.);

(l) consulting services;

(m) ethics;

(n) personal development; and

(o) areas other than those listed above may be acceptable if the individual can demonstrate that they contribute to their professional competence. The responsibility for substantiating that a particular program is acceptable and meets the requirements rests solely upon the individual.

(4) The following group programs qualify for credit provided they meet the standards adopted in (2) and (3):

(a) professional education and development of programs of national, state, and local accounting organizations;

(b) technical sessions at meetings of national, state, and local accounting organizations and their chapters;

(c) university or college courses (both credit and noncredit courses);

(d) formal in-firm education programs;

(e) programs of other organizations (accounting, industrial, professional, etc.);

(f) committee meetings of professional societies which are structured as formal educational programs;

(g) dinner, luncheon, and breakfast meetings which are structured as formal educational programs; and

(h) firm meetings for staff and/or management groups which are structured as formal educational programs. Portions of such meetings devoted to the communication and application of general professional policy or procedure may qualify. However, portions devoted to firm administrative, financial, and operating matters generally would not qualify.