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.
What a summer of changes it is! The AICPA released revisions to the CSO Reference list, which become effective July 1, 2011. In addition, the new SSARS 19 and PCAOB Audit Standards Nos. 8 through 15 are eligible to be tested beginning July 1, 2011. And now, the IRS has released revisions to Circular 230, which will become effective August 2, 2011 (but not testable on the CPA exam until 2012). In light of this upheaval, this Hot Topics will recap each of these events and detail how and where the Gleim CPA Review materials are affected.
1. The last Hot Topics (emailed May 20th) covered in detail the changes to the CSO Reference list. As noted in that email (www.gleim.com/052011email), the Auditing and Financial changes were simply cosmetic and demanded no action from Gleim to keep our products in alignment with the References. We did decide, however, to add some material to Regulation and Business in order to ensure complete coverage. Thus, we posted Regulation Update #5 and Business Update #4 at www.gleim.com/support/updates on June 7th.
2. In addition, we posted two major updates for Auditing on June 3rd. Auditing Update #5 includes new outline material in Subunits 18.1 and 18.2 in response to SSARS 19. Auditing Update #6 highlights the multiple areas in our material that are affected by the new PCAOB Audit Standards (Nos. 8 through 15). Both SSARS 19 and the new Standards are eligible to be tested on the CPA exam beginning July 1, so we encourage you to take a look at these updates if you are currently studying for Auditing or will be later this year.
3. The revisions to Circular 230, however, will not impact the CPA exam this year. According to the AICPA, “For the federal taxation area, the Internal Revenue Code and federal tax regulations in effect six months before the beginning of the current window may be tested.” In other words, the revisions to Circular 230 will not affect the CPA exam until 6 months after they are effective. Since the effective date is August 2 of this year, the revisions are not eligible to be tested until the April/May window of 2012. Therefore, we will not publish updates to our 2011 material and instead will simply integrate the revisions into our 2012 Edition of CPA Review available later this year.
Dr. Gleim, the staff at Gleim Publications, and I want you to feel prepared for and confident about the CPA exam. Our goal is for you to pass all four sections of the exam the first time you sit and move on to make a positive impact on the accounting profession. Accordingly, we stay on top of changes like the ones outlined in this Hot Topics and keep you informed about what you need to know. If you have any questions about how the above issues will impact your exam, do not hesitate to contact us through your Personal Counselor or by simply responding to this email.
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