CPA Exam Changes July 2021 (Blog Post, 4 Infographics)
Passing the CPA exam is one of the most valuable credentials that you can earn in business. It’s a great tool that will serve you throughout your career.
However, everybody tends to freak out whenever the CPA exam makes changes to the content.
“Should I even start studying or wait?”
Yes, you should start studying. The reality is, the CPA exam is very hard, no matter when changes are made, and the changes will likely be phased in over time. The exam does not overhaul overnight.
With that said, it’s important to remain cognizant of the changes that are coming in July of ’21. Universal CPA Review, the leader in visual learning for CPA review, has outlined and provided visuals for the key exam changes that you can expect this July:
Audit (AUD):
Content will be added regarding the consideration of data analytics and information technology within management’s system of internal controls. Additional content areas will be removed, such as content related to communication with management during integrated audits, substantive procedures related to derivative investments, single statement audits, and comfort letters.
If you are a CPA exam candidate, use discount code: KENBOYD for 25% off any Universal CPA Review purchase.
Business Environment Concepts (BEC):
Like audit, BEC will add content related to data analytics and information technology, only on the managerial side. Additional content will be removed for regulatory frameworks related to corporate governance (other than Sarbanes-Oxley).
Financial Accounting and Reporting (FAR):
No content is being added to the FAR exam. However, IFRS elements of post retirement pension plans will be removed, as will compensated absence content (other than vacation accruals), and going concern requirements.
Regulation (REG):
No content is being added to the REG exam. However, the examiners will no longer test candidates on the alternative minimum tax, tax-exempt organizations, and federal securities regulation.
If you are a CPA exam candidate, use discount code: KENBOYD for 25% off any Universal CPA Review purchase.
Universal CPA Review is also giving away a FREE CPA test bank valued at $150.00 (choice of one section). Just signup for a free 14-day trial and you’ll automatically be entered to win! Deadline to signup is April 30th at 9pm PST.
They’ll announce the winner on April 31st. You must be a new trial user to be eligible. Winner will be selected at random.
Best of luck on the CPA exam!
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Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(email) ken@stltest.net
(website and blog) https://www.accountingaccidentally.com/