Let’s review: Changes in store for CPA exam
The decision to offer the CPA exam outside of the United States for the first time ever has grabbed the recent headlines, but it's not the only change the exam will undergo in 2011.
At its annual meeting in Nashville, the National Association of State Boards of Accountancy distributed information from the AICPA summarizing a series of significant changes to the exam. Among them:
- New authoritative literature, complete with details about the FASB Accounting Standards Codification, will be available.
- A new online calculator will be introduced. Get details here.
- The report that gives candidates an assessment of their strengths and weaknesses will be revised.
- New content and "skill specification outlines" will be offered. The new content is available here.
- International financial reporting standards (IFRS) and other global standards will be tested. Read more here.
- A new research task format will be introduced. View a tutorial and sample tests.
Also, the AICPA said it would decided on a passing score for the exam in early 2011, "after data from the first testing window of the new examination release become available."
Be on the lookout for more details as Jan. 1 approaches. In the meantime, read more about the changes here.