CPA Hot Topics 01/20/12 – IQEX Changes

Garrett Gleim sends CPA candidates bimonthly emails concerning different aspects of the CPA exam. Candidates can see the most recent email and all the archives here on the CPA Candidate Forum.

Happy new year! It seems like 2012 will be another year of exciting changes for the CPA exam. The AICPA recently sent me an announcement with some important information for international CPA candidates. Beginning November 2012, the International Qualification Examination (IQEX) will adopt a new format and Content Specification Outline.

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 (CAI), the Irish Institute of Chartered Accountants (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).

According to the AICPA, the first major change to the IQEX exam is that the new exam “will use administrations of the Uniform CPA Examination Regulation section,” and that “the content and format will change accordingly.” Gleim understands this to mean that the exam will be 3 hours in length, with four testlets. The first three testlets will each contain 24 multiple-choice questions, while the last testlet will be a six-task Simulation. While the addition of the Simulation may appear to be a challenge, IQEX candidates will now be able to use the Regulation section of the AICPA’s Sample Test to prepare, which can be accessed at http://www.aicpa.org/BecomeACPA/CPAExam/ForCandidates/TutorialandSampleTest/Pages/exam_tutorial_parallel.aspx. In addition, Gleim candidates will gain experience answering Simulation questions in the CPA Gleim Online course and Simulation Wizard.

The second major change to IQEX is that the new exam will be administered more than once a year. Beginning November of 2012, the IQEX exam will be offered during the second month of every testing window (i.e., February, May, August, November), just as the International CPA exam is. These three additional opportunities will make the registration and scheduling process much easier by giving candidates the flexibility to sit for the exam when it is best for them.

For more information on these developments, refer to the IQEX section of the Gleim website and NASBA’s IQEX page on their website.

All Gleim customers who plan to sit for the IQEX exam this year can rest assured that our CPA Regulation materials will help you pass, just as they have helped thousands of U.S. CPA Exam candidates pass. We will stay on top of all further announcements on this subject and share all information with you as soon as we receive it.

Do you have any questions or comments about this week’s Hot Topics article or the CPA Exam? Email me at hottopics@gleim.com. Gleim Personal Counselors are available to help you develop a manageable study schedule and help you pass the CPA exam. Contact them at 800.874.5346, ext 498 or personalcounselor@gleim.com. Take advantage of the opportunity to get help from our extraordinary team!

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