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.
First, I am pleased to announce that Gleim released the Q3-Q4 edition of CPA Review: Auditing on June 3, 2013. Updating our materials to reflect the Clarity Standards has been a major undertaking, but we are confident that Gleim candidates who follow our study program will be thoroughly prepared to succeed on the CPA Auditing exam in the third and fourth testing windows.
Second, the AICPA’s spring edition of The Uniform CPA Examination Alert is themed “Keeping the CPA Exam Current.” The most important takeaway is the updated Policy on New Pronouncements, which became effective on February 1, 2013. Below, I have attached the older version of the policy showing the new changes so you can see precisely what is different:
New accounting and auditing pronouncements are eligible to be tested on the Uniform CPA Examination in the testing window beginning 6 months after a pronouncement’s effective date, unless early application is permitted. When early application is permitted, the pronouncement is eligible to be tested in the window beginning 6 months after the issuance date. In this case, both the old and new pronouncements may be tested until the old pronouncement is superseded.
For the federal taxation area, the Internal Revenue Code and Treasury Regulations in effect 6 months before the beginning of the current window may be tested. Changes in the federal taxation area, the Internal Revenue Code, and federal taxation regulations may be included in the testing window beginning 6 months after the change’s effective date or enactment date, whichever is later.
Author’s Note: By adding the phrase “or enactment date, whichever is later,” the AICPA is allowing 6 months to pass after retroactive changes are enacted. For example, a tax law change on June 1, 2013, retroactive to June 1, 2012, cannot be tested until January 1, 2014, rather than July 1, 2013, as under the old rules.
For all other subjects covered in the Regulation and Business Environment and Concepts sections, materials eligible to be tested include federal laws in the window beginning 6 months after their effective date and uniform acts in the window beginning 1 year after their adoption by a simple majority of jurisdictions.
The second takeaway in this spring’s Exam Alert is the CPA Exam Score Release Timeline and the explanation of the complications of grading the CPA exam that prevent candidates from receiving their scores immediately after finishing the exam. Responses to Task-Based Simulations and Written Communications require “multiple quality assurance reviews to ensure accuracy in scoring” before final scores can be reported to NASBA. The Q1-Q2 Score Release Timeline included in the article indicates that all candidates who took exams in the first or second testing window of 2013 should have their scores by June 10, 2013, at the latest. Remember, though, that these dates are just targets; scores may be released ahead of schedule, or they may be delayed. View our CPA Score Release Schedule here: http://www.gleim.com/accounting/cpa/cpa-exam-score-release.php
The third takeaway in this spring’s Exam Alert is the AICPA’s description of why the CPA credential has become so highly valued around the globe. A growing job market for accountants and extensive globalization of businesses are cited as two of the many reasons that accountants should make the commitment to become CPAs in 2013.
I hope this installment of Hot Topics has been of interest to you! In addition, we would like to hear from our many Auditing candidates who will sit in the third and fourth testing windows this year about the experience of testing with the new Clarity Standards.
Do you have any questions or comments about this week’s Hot Topics article or the CPA Exam? Email me at firstname.lastname@example.org. 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 email@example.com. Take advantage of the opportunity to get help from our extraordinary team!
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