roger-cpa-review-update

The AICPA Board of Examiners has revised its CPA Exam Policy on New Pronouncements, which includes clarified testing windows for the CPA Exam. The updated CPA Exam Policy becomes effective with the testing window, beginning on April 1, 2016, and, “…will be applied to all accounting and auditing pronouncements issued after July 1, 2015.”  Any standards issued prior to July 1, 2015, will follow the former CPA Exam Policy on New Pronouncements.

According to the AICPA Website, the revised CPA Exam Policy states that pronouncements are eligible to be tested on the CPA Exam in the later of

  • The first testing window beginning after the pronouncement’s earliest mandatory effective date or;
  • The first testing window beginning six months after the pronouncement’s issuance date.

How does this affect individual sections of the CPA Exam?

AUD (Auditing & Attestation)

Pronouncements for AUD are eligible to be tested on the CPA Exam:

  • The first testing window beginning after the pronouncement’s earliest mandatory effective date or;
  • The first testing window beginning six months after the pronouncement’s issuance date

REG (Regulation)

Internal Revenue Code and federal taxation, “…may be included in the testing window beginning six months after the change’s effective date or enactment date, whichever is later.”

All other REG subjects are eligible for testing, “…six months after their effective date, and uniform acts in the window beginning one year after their adoption by a simple majority of the jurisdictions.”

BEC (Business Environment & Concepts)

BEC section materials are eligible for testing, “…beginning six months after their effective date, and uniform acts in the window beginning one year after their adoption by a simple majority of the jurisdictions.

Please refer to AICPA’s detailed standard testing eligibility chart below for more details:

Standard Number Issued First Window Eligible
ASU 2014 – 10 Jun-14 15Q1
ASU 2014 – 12 Jun-14 15Q1
ASU 2014 – 13 Aug-14 15Q2
ASU 2014 – 14 Aug-14 15Q2
ASU 2014 – 15 Aug-14 15Q2
ASU 2014 – 16 Nov-14 15Q3
ASU 2014 – 18 Dec-14 15Q3
ASU 2015 – 01 Jan-15 15Q4
ASU 2015 – 02 Feb-15 15Q4
ASU 2015 – 03 Apr-15 16Q1
ASU 2015 – 04 Apr-15 16Q1
ASU 2015 – 05 Apr-15 16Q1
ASU 2015 – 06 Apr-15 16Q1
ASU 2015 – 07 May-15 16Q1
ASU 2015 – 09 May-15 16Q1
ASU 2015 – 10 Jun-15 16Q1
GASB 72 Mar-15 15Q4
GASB 73 Jun-15 16Q1
GASB 74 Jun-15 16Q1
GASB 75 Jun-15 16Q1
GASB 76 Jun-15 16Q1
Amendments to IAS 16 and IAS 38 May-14 15Q1
Amendments to IFRS 11 May-14 15Q1
Amendments to IAS 16 and IAS 41 Jun-14 15Q2
IFRS 9 Jul-14 15Q2
Amendments to IAS 27 Aug-14 15Q2
Annual Improvements to IFRSs 2012-2014 Cycle Sep-14 15Q2
Amendments to IFRS 10 and IAS 28 Sep-14 15Q2
Amendments to IFRS 10, IFRS 12 and IAS 28 Dec-14 15Q3
Amendments to IAS 1 Dec-14 15Q3
SSARS 21 Oct-14 15Q3