Gleim Accounting: CPA: IQEX Exam

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Accounting: CPA

Information About the IQEX Exam

The purpose of IQEX is to facilitate the U.S. CPA qualification process for those accounting professionals from other countries whose professional bodies have entered into reciprocity agreements with the U.S. accounting profession. At present, such agreements are in effect only with the Canadian Institute of Chartered Accountants (CICA), the Institute of Chartered Accountants in Australia (ICAA), Chartered Accountants Ireland (ICAI), the Instituto Mexicano de Contadores Publicos (IMCP), the Hong Kong Institute of Certified Public Accountants (HKICPA), and the New Zealand Institute of Chartered Accountants (NZICA).

The IQEX program is a function of the National Association of State Boards of Accountancy (NASBA) and prepared by the American Institute of Certified Public Accountants (AICPA). Beginning in November 2012, when it is next offered, the exam will change to mimic in content and format the current U.S. CPA Exam's Regulation section, meaning the exam will be 3 hours long and contain four testlets. The first three testlets will have 24 multiple-choice questions, and the last testlet will now be a 6-task Simulation. The examination is offered only in English and is administered as a Computer-Based Test (CBT) during the second month of each testing window (i.e., February, May, August, November) starting in November.
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          Parts (same as Regulation):

              I.   Ethics, Professional, and Legal Responsibilities 17%
             II.   Business Law 19%
            III.   Federal Tax Process, Procedures, Accounting, and Planning 13%
             IV.   Federal Taxation of Property Transactions 14%
              V.   Federal Taxation of Individuals 16%
             VI.   Federal Taxation of Entities 21%
      
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Although NASBA has not yet provided information about applying to take the new IQEX in 2012, Gleim expects it will be similar to registration for the International Administration of the Uniform CPA Exam. In order to take the CPA Examination outside of the U.S., candidates must establish their eligibility through a State Board participating in the International CPA Examination Administration program. International candidates must pay an examination fee ($323.75 for Regulation) in addition to domestic testing fees. The old IQEX had an exam fee of $845, and NASBA has not announced if this will change. Once your application has been processed, you will receive a Notice to Schedule. Find additional information on your country's IQEX eligibility requirements at www.nasba.org/international/iqex.
When you have received your Notice to Schedule, make an exam appointment. The IQEX exam is administered by Prometric. You can make an appointment at www.prometric.com or by calling 800-864-8080.
For the taxation area, candidates are responsible for knowing the Internal Revenue Code and federal tax regulations in effect 6 months before the beginning of the exam window. For the business law area, candidates are responsible for knowing federal laws 6 months after their effective date and uniform acts beginning 1 year after their adoption by a simple majority of the jurisdictions.
The AICPA Regulation content specification outline identifies the technical content and the knowledge and skills to be tested on each of the six parts of IQEX.

The approximate weight given to each part is indicated by the percentage listed. No weight allocation is given for areas, groups, or topics. The examination will sample from the areas, groups, and topics listed within each part to meet the approximate percentage allocation. In addition, if there are several areas within a part or several groups within an area, no inference should be drawn about the relative importance or weight to be given to these areas or groups on an examination.

The Gleim System for Success, while designed with the four-part CPA exam in mind, covers the six parts of the IQEX exam in its Regulation section, and the study units are easy to study and complete. To see exactly what you need to study, refer to the Regulation CSO cross reference in Study Unit 2 of CPA Review: A System for Success. See our listing below for the outline of the Gleim Regulation study units:

              Regulation

               1. Ethics and Professional Responsibilities
               2. CPAs and the Law
               3. Agency 
               4. Contracts 
               5. Sales  and Secured Transactions
               6. Negotiable Instruments and Related Topics
               7. Debtor-Creditor Relationships
               8. Regulation and Certain Business Entities
               9. Corporations
              10. Federal Tax Legislation, Procedures, and Planning
              11. Gross Income 
              12. Deductions 
              13. Tax Computations
              14. Property Transactions
              15. Corporate Taxable Income
              16. Corporate Tax Computations 
              17. Corporate Tax Special Topics
              18. S Corporations
              19. Partnerships and Exempt Organizations
              20. Estates Trusts, and Wealth Transfer Taxes

The Gleim CPA Review System has assisted numerous CPA candidates in PASSING the CPA exam. Now you can use it to PASS the IQEX.