The Journal of Accountancy recently posted a video discussing the changes to the Uniform CPA Exam which took effect on January 1, 2011. In the video, Colleen Conrad, CPA, the Immediate Past Chair of the AICPA Board of Examiners highlights the fact that the CPA exam is designed to test the knowledge required of an entry level CPA. Upon surveying CPA firms, the AICPA Board of Examiners found that the expectations of entry level CPAs in the field has been quite dynamic over the past year, and therefore the 2011 exam will reflect these changes.
The format of the exam will shift from a large simulation at the conclusion of 3 of the 4 sections, to multiple smaller simulations. This is intended to expedite the grading process, however, Ms. Conrad notes that faster grading will likely not take effect until the later part of the year.
The BEC section of the exam will now include essays, which means that the essays on the other 3 sections will be removed. This change will add 30 additional minutes to the BEC section and reduce the Audit section by 30 minutes.
CPA firms surveyed by the Board of Examiners reported that entry level CPAs are increasingly required to be familiar with IFRS. Therefore, general IFRS questions have been added to the exam. Because IFRS is not yet readily used by all US firms, the questions will not require candidates to have intricate knowledge of concepts, merely familiarity with certain topics.
It is highly recommended that exam candidates take advantage of the practice examinations available at www.cpa-exam.org, in order to familiarize themselves with the format and resources of the exam. In 2011, there are new calculator and research functions that test takers should be comfortable navigating in preparation for the exam.
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