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CPA Authoritative Literature Information

CPA Authoritative Literature Information

CPA Authoritative Literature : The Uniform CPA Examination consists of multiple-choice questions and condensed case studies called simulations. Within the simulations, candidates must do an online search of professional literature databases to answer questions. Here are some ways that candidates, students, educators, and schools can get access to helpful online resources.

CPA exam candidates can get a free six-month subscription to professional literature used in the computerised CPA Examination. This online package includes AICPA Professional Standards, FASB Original Pronouncements and FASB Accounting Standards Codification.

Only candidates who have applied to take the CPA exam, and have been deemed eligible by state boards of accountancy, will receive access to this package of professional literature. This online package of literature will familiarise CPA Exam candidates with the use of online accounting resources. However, the interface used by the online package is not exactly the same as that used in the operational CPA Examination. Candidates are strongly encouraged to also review the CPA Exam tutorial and sample tests found on this web site. The sample tests reflect the functionality and interfaces used in the actual examination.

CPA Authoritative Literature Information

CPA Authoritative Literature : Certified Public Accountant (CPA) is the title of qualified accountants in numerous countries in the English-speaking world. In the United States, the CPA is a license to provide accounting services directly to the public. It is awarded by each of the 50 states for practice in that state. Additionally, almost every state (49 out of 50) has passed mobility laws in order to allow practice in their state by CPAs from other states. Although state licensing requirements vary, the minimum standard requirements include the passing of the Uniform Certified Public Accountant Examination, 150 semester units of college education, and one year of accounting related experience.

Continuing professional education (CPE) is also required to maintain licensure. Individuals who have been awarded the CPA but have lapsed in the fulfilment of the required CPE or have requested to be converted to inactive status are in many states permitted to use the designation “CPA Inactive” or an equivalent phrase. In most U.S. states, only CPAs are legally able to provide to the public attestation (including auditing) opinions on financial statements. Many CPAs are members of the American Institute of Certified Public Accountants and their state CPA society.

State laws vary widely regarding whether a non-CPA is even allowed to use the title accountant. To illustrate, Texas prohibits the use of the designations “accountant” and “auditor” by a person not certified as a Texas CPA, unless that person is a CPA in another state, is a non-resident of Texas, and otherwise meets the requirements for practice in Texas by out-of-state CPA firms and practitioners.

CPA Authoritative Literature Information

CPA Authoritative Literature :  A Candidate has to score 75% or more in each of the 4 exams to be a Certified Public Accountant.Historically the pass rate is approximately 45% globally. You will have to clear all the 4 exams within 18 months of exam registration.

CPA important dates

Exam I:Financial Accounting & Reporting (FAR)
Syllabus• Conceptual Framework, Standard Setting and presentation of Financial Statements (17-23%)
• Financial Statement Accounts: Recognition, Measurement, Valuation, Calculation, Presentation and Disclosures (27-33%)
• Specific Transactions, Events and Disclosures: Recognition, Measurement, Valuation, Calculation, Presentation, and Disclosures (27% – 33%)
• Governmental Accounting and Reporting (8% – 12%)
• Not-for-Profit (Nongovernmental) Accounting and Reporting (8%-12%)
Duration4 hrs Exam
Question pattern66 multiple choice questions (50% weightage) & 9 short task-based simulations (50% weightage)
Exam II:Auditing & Attestation (AUD)
Syllabus• Engagement Acceptance & understanding the environment (12-16%)
• Understanding the entity and its environment (16-20%)
• Performing Audit procedures & evaluating evidence (16-20%)
• Evaluating Audit findings, communications & reporting (16-20%)
• Accounting & review services engagement (12-16%)
• Professional responsibilities (16-20%)
Duration4 hrs Exam
Question pattern72 multiple choice questions(50% weightage) & 9 short task-based simulations (50% weightage)
Exam III:Regulation (REG)
Syllabus• Ethics, Professional, and Legal Responsibilities (15% -19%)
• Business Law (17% – 21%)
• Federal Tax Process, Procedures, Accounting, and Planning (11% – 15%)
• Federal Taxation of Property Transactions (12% – 16%)
• Federal Taxation of Individuals (13% – 19%)
• Federal Taxation of Entities (18% – 24%)
Duration4 hrs Exam
Question pattern76 multiple choice questions (50% weightage) & 9 short task-based simulations (50% weightage)
Exam IV:Business Environment & Concepts (BEC)
Syllabus• Corporate Governance (16% – 20%)
• Economic Concepts and Analysis (16% – 20%)
• Financial Management (19% – 23%)
• Information Systems and Communications (15% – 19%)
• Strategic Planning (10% — 14%)
• Operations Management (12% – 16%)
Duration4 hrs Exam
Question pattern62 multiple choice questions(50% weightage) & 5 short task-based simulations (35% weightage),Written communication( 15% weightage)

What is the minimum eligibility to appear for a CPA exam?

CPA Exam is most suitable forCA, ICWA, CS, LLB, MBA (Finance), M.com and Commerce Graduates (from recognized University)
• M.com or Post Graduates: Most of the states in the US require 150 semester hours in order to apply for CPA. A MCom/PG/MBA Degree from recognized Universities in India is equivalent to these 150 semester hours, so they are eligible to write the exam.
• Chartered Accountants: If you are a BCom plus CA then you can appear for the exams and register from quite a few states in the US.

CPA Authoritative Literature Information

CPA Authoritative Literature :  ABOUT CPA

  • Globally Recognized: A Certified Public Accountant (CPA) is the highest standard of competence in the field of Accountancy across the globe. The exam is administered by the American Institute of Certified Public Accountants (AICPA), which is the world’s largest accounting body.
  • CA and CPA: A CPA qualification is similar to the Indian CA qualification. In addition to the CA qualification, a CPA will have knowledge of US Generally Accepted Accounting Principles (GAAP), IFRS (International Financial Reporting Standards), Generally Accepted Accounting Standards (GAAS),US federal taxation and business laws. This gives great advantage to a CPA when working with US Based Financial firms or Indian firms working for US clients

CPA Authoritative Literature Information

CPA Authoritative Literature :  CAREER OPPORTUNITIES

Opportunities at Accounting and Auditing Firms, Research firms, Investments banks, Hedge Funds, Private equity firms, Commercial banks, Mutual funds, Merger & Acquisition etc. A CPA gets similar job opportunities as a CA in India and a CA ,CPA further increase their job prospects globally.

ELIGIBILITY

CPA Exam is most suitable for CA, ICWA, CS, LLB, MBA (Finance), M.Com

EXAM

It’s an Online Exam, which consists of 4 papers and can be easily completed in less than 1 year.

EXAM STRUCTURE

CPA consists of 4 papers , single paper examination with weightage of 60% Multiple choice testlets and 40% Task based simulations.

Exam passing Rate: A Candidate has to score 75% or more in each of the 4 exams to be a Certified Public Accountant. Historically the pass % is approximately 45% globally. You will have to clear all the 4 exams within 18 months of exam registration.

CPA Authoritative Literature Information

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