(1) Continuing education is accrued in a rolling three-year period that requires annual reporting. The annual reporting year begins July 1 and ends June 30 of every year. Any rolling three-year accrual period ends on June 30, immediately preceding the annual permit renewal deadline of December 31. Applicants for a permit to practice must complete 120 hours of acceptable continuing education credit in every three-year period, except as otherwise provided under 37-50-314, MCA, and ARM 24.201.2154 and 24.201.2155.

(2) At least two hours of the 120 hours of acceptable continuing education credit must consist of knowledge and the application of ethics or the codes of professional conduct of certified public accountants and licensed public accountants.

(3) Applicants who have already met the basic requirement by the end of any June 30th reporting period may elect to have excess continuing education hours, taken during the immediately preceding months of May and June, apply to the subsequent reporting period.

(4) Applicants who have not completed their basic requirements by the end of any June 30th reporting period may elect to have qualified continuing education hours, taken during the immediately following months of July and August, apply to the previous reporting period.

(5) Course credit hours may be split in order to carry over or carry back eligible credit.

(6) The implementation date of the continuing education requirement is three years from June 30, following an individual's initial issuance of a permit to practice.