Question: I will need to take sections of the CPA Exam in 2011. In what sections will international standards be tested?
Answer: The AICPA announced earlier this year that international standards — including International Financial Reporting Standards (IFRS) — will become eligible to be tested on the CPA Examination as of January 1, 2011, when the new Content and Skill Specifications (CSOs/SSOs) go into effect.
International standards will begin to be integrated gradually into the examination while U.S. standards continue to be tested. Questions on international standards and international topics in general may appear in different examination sections.
Financial and Auditing will test international standards (IFRS and ISAs) in 2011, and BEC will test candidates’ understanding of the impact of globalization on the business environment. No questions on international standards are currently scheduled to be included in REG in view of the uncertainty of the U.S. tax ramifications of the potential use of IFRS by U.S. Companies. However, the REG content specifications may be modified in the future to reflect international standards.
Remember, there will be NO international standards tested in 2010.