aud-exam-changes

The 2017 CPA Exam will go into effect in less than a year from now. As the entire exam undergoes this drastic change which is the biggest thing to happen since its switch to computerized testing, candidates should know everything there is to know about this next version.

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higher-order-skills-on-the-2017-cpa-exam

The 2017 CPA Exam is launching in less than a year from now—April 1, 2017 to be exact. And while administration and overall structure of the exam are changing, perhaps the change that has CPA Exam candidates most concerned is the testing of higher order skills. In this blog, we’ll give you some background context as to what higher order skills are, where they were derived from, and why they’re so important on the next version of the CPA Exam.

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2017-cpa-exam-changes-standardized-break

During our meeting with the AICPA earlier this month, we received a lot of great information regarding the final changes being made to the 2017 CPA Exam. As such, we promised to delve into more detail as to how each of the changes being made will affect current and potential CPA Exam candidates.

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2017-cpa-exam-changes-finalized

The AICPA just published a press release this morning announcing the official 2017 changes that will be made on the next version of the CPA Exam. Many CPA Exam candidates will remember that the AICPA released an Exposure Draft in September of last year detailing the potential changes that would be taking place. However, those changes continued to undergo review and revision until the AICPA finalized them today.

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There's a new Task-Based Simulation appearing on the CPA Exam this year: Document Review Simulations (DRS). Take our quiz and find out how much you know about this new question type, including when it will make its debut, why it has been added, and what it will be testing. 

 

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first-10-days-of-blackout-months-used-for-testing

NASBA is changing the way we think about blackout months—and in a good way. NASBA just announced today that beginning in June 2016, the first 10 days of each blackout month will now be available for CPA Exam candidates to sit for the CPA Exam. Blackout months, which occur during the third month of every quarter of the CPA Exam testing window, are months in which no testing is offered. Candidates typically utilize blackout months as a do-not-disturb study period. That is, until now.

 

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fasb-issued-asu-2016-07

On March 15, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-07.  ASU 2016-07 amends the requirements in Topic 323, Investments – Equity Method and Joint Venture for accounting for an investment that becomes qualified for the equity method of accounting.  It goes into effect for periods beginning after December 15, 2016.

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gasb-issued-statement-no-80

The Government Accounting Standards Board (GASB) issued Statement No. 80, Blending Requirements for Certain Component Units on February 11, 2016.  Statement No. 80, an amendment of GASB Statement No. 14, requires that state and local governments include in the reporting unit’s financial statements those component units organized as not-for-profit corporations in which the government is the sole corporate member.

According to the GASB Website, “The objective of this Statement is to improve financial reporting by clarifying the financial statement presentation requirements for certain component units.”

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ASU 2016-02 - Topic 842, Leases

The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), on February 25, 2016.  It is expected to be effective for periods beginning after December 15, 2018 for public entities, and for periods beginning after December 15, 2019 for nonpublic entities.  Early application is permitted.

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how-2017-cpa-exam-affects-you

Although the 2017 CPA Exam changes aren’t taking place until Q2 of next year, they are already affecting current and soon-to-be eligible CPA Exam candidates in different parts of their CPA Exam journey.

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