Connect with us

New Uniform CPA Examination

Published

on

In case if you haven’t got the information: the AICPA, NASBA, Prometric launched the new Uniform CPA Examination on January 05, 2011. It’s called CBT-e, which includes for the first time questions on International Financial Reporting Standards.

According to the press release made by the AICPA on the launching date, the new Uniform CPA Examination is designed based on input from state boards of accountancy in response to an Invitation to Comment, and a Practice Analysis designed to ensure the exam tests the modern knowledge and skills that are relevant for today’s entry-level CPAs.

Advertisement

The new IFRS questions and other changes to the exam are the first major revisions since the CPA exam was computerized in 2004.

IFRS questions will test knowledge in a general way, primarily in the differences between U.S. GAAP and IFRS. The AICPA continues to evaluate the application of IFRS in the profession as the U.S. moves toward international standards over the next five years.

Overall:

  • More emphasis is being placed on skills assessment using case study-based questions known as Task-Based Simulations.
  • Authoritative literature in the CPA exam incorporates use of new Financial Accounting Standards Board codifications of U.S. Generally Accepted Accounting Principles.
  • Professional responsibilities including ethics and independence have been added to the Auditing and Attestation section.
  • Changes to the exam experience include a new calculator, literature search, research response, and spreadsheet tools.
  • Candidates can look forward to an updated performance report providing information on strengths and weaknesses of their performance.
  • Uniform CPA Examination scores are reported on a scale from 0 to 99, with 75 as the passing score.

The CPA exam is administered in 54 jurisdictions nationwide by the AICPA, National Association of State Boards of Accountancy and Prometric. The exam also will be administered internationally for the first time in 2011 in Japan, Bahrain, Kuwait, Lebanon and the United Arab Emirates.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *




Are you looking for easy accounting tutorial? Established since 2007, centre-potential.ru hosts more than 1300 articles (still growing), and has helped millions accounting student, teacher, junior accountants and small business owners, worldwide.

Trending


Related pages


examples of taxable incomeeoq accountingaccounting closing entries examplesgoodwill amortisation allowable for tax9 step accounting cycleformula cogscapitalized interest gaapsubstantive test in auditingstatement of owner s equityconvertible bonds accountingtemplate for a promissory notehow to do a statement of cash flows indirect methodaccounting entries for construction contractsoverhead costs meaningcalculate the breakeven point in unitsare website development costs capitalizedcharacteristics of intangible assetsmonthly reconciliation templatebank reconciliation statement meaning examplesoperating activity on the statement of cash flowsaccounting ratio formulasdividend journal entryembezzlement meaningebitda cash flow statementsample inquiry letter to supplierreciprocal transactionloan origination fee accountingaccelerated depreciation calculationexcel formula error messagesrelease of promissory note templatejournal entries for share capitalpersonal real nominal accounts rulesias for leasesauto lease inclusiondefine fictitiousregulations sxwhat are procurement cardsformula to calculate cogsjurnal inventoryhow to compute accumulated depreciationretire bond early calculationgoodwill tax calculatoraccountant letter of engagementis goodwill deductible for tax purposesirs cp2000 response letterjournal entries for accrued expensesaccounting for pensions and postretirement benefitselimination of investment in subsidiarysample of master budgetgood will impairmentjournal entry for salary paidin computing the present value of the minimum lease paymentsaccounting factoringformula to calculate taxable incomeconvert accrual to cashwhere does accrued interest go on the balance sheethow to prepare flexible budgetpromissory note letter samplehow to compute contribution margin ratiosale leaseback financingtrac lease accountingeconomic order quantity problems and solutionsprimary purpose of statement of cash flowswhat is matching principle with examplesfob c&f cifdemand promissory notemarkup accountingchange from accrual to cash basisnsf check bank reconciliationschedule of cost of goods manufacturedsales journal accountingbillings method bookwhat is capitalisation in accountingvouch accountingoverhead expenses meaningjob costing sheettotal owners equity