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CPA Examination Change In The Future

CPA Examination Change In The Future

CPA Examination Change In The Future : There are significant changes happening to the CPA Exam. The reformatting of the test is doing more than giving a fresh face to the standardised exam. All the tweaking has been done as a direct response to specific needs in the market and among clients. The changes are meant to build confidence among prospective employers and continue to give clout to those who obtain their CPA License.

Newer technologies have developed in leaps and bounds since 2011. The role tech is playing in financially based professions is on the cutting edge, so failing to keep up with these changes means setting yourself up for overarching failure. Accountants, in turn, have to respond by picking up the on these changes and even anticipating future changes to stay ahead of the game.

Accountants are needing to know more than a set of steps, how to memorise, and can’t expect passing the 2011 exam to prepare themselves for the 2017 accounting world anymore. Accountants are required to do more than run the numbers as analytical application of skills is becoming more important than ever. We need to see problems, effectively solve them, and follow with a solution that is understandable and applicable to the modern environment. The CPA Exam is incorporating this into testing by implementing critical thinking and problem solving on the test.

Here is a recap of the changes you should expect to see . . .

  • Multiple choice questions for FAR, REG, and AUD will count for 50% of the scoring on each exam with the other 50% composed of task-based simulations.
  • BEC will now be tested with three written communication questions counting for 15% of the score, task-based simulations counting for 35%, and multiple-choice making up the remaining 50%.
  • An increase in total testing time from 14 to 16 hours. This means you will have four hours to take any exam. Extra breaks will count against this time, but you will have standard breaks on top of the four hours.
  • Less multiple-choice and more task oriented questions.
  • The standard 15-minute break will come around half way through each section of the exam and will not take away from the 4 hour testing time. Declining the break is allowed but will not add to time available to answer questions.

CPA Examination Change In The Future

CPA Examination Change In The Future : 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 Examination Change In The Future

CPA Examination Change In The Future :  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 Examination Change In The Future

CPA Examination Change In The Future :  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 Examination Change In The Future

CPA Examination Change In The Future :  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 Examination Change In The Future

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