CPA Hot Topics – AAA annual meeting

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.

Earlier this week, I attended the American Accounting Association’s annual meeting, which was held in New York City this year. On Tuesday, the AICPA met with CPA review providers and divulged more details concerning future changes to the exam. While they did provide some new information, it was announced that further details on specific dates will be communicated to us and CPA candidates by September 30. The reality is, however, that much of this information should not matter to you because you should do everything you can to finish the exam process within the next 18 months, before these changes are implemented.

The following are the details we did receive:

1. The AICPA informed us that the implementation of CBT-e, the new formatting of the Simulation testlets of the exam, will happen some time in 2011. CBT-e will require candidates to complete 6 or 7 task-based simulations for REG, FIN, and AUD. These task-based simulations will be shorter than the simulations you are used to seeing. Additionally, the Written Communications task, i.e., the essay, that is currently in all Simulations will be added to BEC but taken out of all other sections.

2. We were also told that the new CSOs (announced by the AICPA in December) will be debuting some time in 2011. These CSOs will change some of the topics tested in each section.

3. Finally, the AICPA divulged that IFRS will not be tested until some time in 2011. The most interesting news relating to IFRS is that, when implemented, CPA candidates will be expected to know both IFRS and US GAAP.

Again, the exact specifics of these details should not be important to you because you should be striving to complete the CPA Exam before 2011. Let us worry about these future changes for our 2011 edition; you work to stay on your study schedule and avoid having to deal with any of it.

Sign up now for the Gleim CPA Hot Topic’s Email Subscription.