2011 AICPA Exam Changes(Q&A)

　　Q. What changes are being made the 2011 CPA Exam?

　　A. Changes are being made to both the exam's structure and content including:

　　· New Content and Skill Specifications (CSOs/SSOs), including International Financial Reporting Standards (IFRS).

　　· New question formats, including short task-based simulations.

　　· New research functionality that includes the FASB Codification.

　　· New exam structure and section time allocations.

　　· Changes in the percentage value of examination components.
　

　　Q. I'm deciding whether to sit for the CPA Exam in 2010 or 2011. What does Becker recommend?

　　A. We strongly recommend scheduling all four parts before CBT-e takes effect in January 2011. Why?

　　· Your academic studies may not have covered all of the new exam's content, including IFRS and codification.

　　· Familiarizing yourself with a new exam environment-content, structure, and timing-can intensify the stress inherent in exam preparation.

　　· Splitting the parts between transition years compounds your preparation workload.

　　

　　Q. If I sit and pass any exam parts in 2010 (but have not yet completed all four parts), do I have to retake those parts in 2011?

　　A. You do not have to retake parts passed. However, you will need to take the remaining parts under the new 2011 exam format.

　　

　　Q. If I pass three sections in 2010 and have one section left to take in 2011, can I still take that part using the current exam format?

　　A. No, effective January 1, 2011, all sections tested will be under the new exam format.

　

　　Q. Since there will be never-before-seen material on this CPA Exam, how can Becker's CPA Exam Review content developers know what to include in our materials?

　　A. Our content developers are subject matter specialists and exam experts. Our writers have gone through extensive training and development and have analyzed the newly released CSOs and SSOs to make sure our coverage is on point and comprehensive. Our content writers are also Becker live classroom instructors, so they are communicating with students on a daily basis and understand the needs and requirements of our students.

　

　　Q. Will Becker's CPA Exam Review software reflect the functionality changes to the 2011 CPA Exam?

　　A. Our software experts will ensure that our Task-Based Simulation software replicates the look and feel of the new CPA Exam.

　

　　Q. When will Becker's 2011 CPA Exam Review be available?

　　A. Becker's team of CPA Exam experts and subject matter specialists are busy updating our CPA Exam Review to mirror the content, structure and functionality of the 2011 exam in every way. Our 2011 CPA Exam Review will be released in mid-November of 2010, giving you ample time to prepare for parts you plan to take in 2011.

　　Q. If I enroll now but don't sit until 2011, will Becker provide me with updated course materials?

　　A. Your best option is to sit now and finish the exam in 2010. However, if you need to push any parts to 2011, you will be able to request the 2011 version for those parts you've already purchased but have not yet passed as of January 1, 2011, as long as you have time remaining on your license. Course software will be shipped at no charge. You will have the option to receive the 2011 software with or without a hardcopy version of the 2011 textbook. Regrdless of the option chosen, you will have access to the electronic version of our textbook (e-book). If the hardcopy version is requested, a $20 shipping and handling fee will be assessed for each part requested. Request for updated materials must be made by March 31, 2011.

　

　　Q. What are some of the reasons behind the changes in the CPA Exam format and the inclusion of IFRS?

　　A. In its oversight role, the AICPA Board of Examiners must ensure that the CPA Exam is consistent with the knowledge and skills requirements of entry level CPAs. The AICPA wants to ensure that the CPA Exam represents the knowledge and skills required for entry level CPA's for the protection of public interest. In today's environment, there is a strong demand for entry level CPAs to be "bilingual" (be able to work under both IFRS and GAAP). IFRS is already being used by major companies in their financial statements and as such, it is a skill set that is demanded for entry-level CPAs.

　

　　Q. How will IFRS (International Financial Reporting Standards) and ISA (International Standards on Auditing) be tested on the 2011 CPA Exam?

　　A. According to the AICPA, IFRS and IAS will be tested in three of the four sections on the 2011 CPA exam - Audit (AUD), Financial (FAR), and Business (BEC).

　　In FAR, candidates sitting for the exam should be expected to identify and understand the differences between financial statements prepared under US GAAP and under IFRS. Additionally, first-time adoption of IFRS related to financial reporting, presentation and disclosures in general-purpose financial statements will be tested.

　　In AUD, candidates should be expected to demonstrate knowledge and awareness of the following;

　　· International Auditing & Assurance Board (IAASB) - role in establishing International Standards on Auditing (ISAs)

　　· Differences between ISAs and US Auditing Standards

　　· International Ethics Standards Board for Accountants (IESBA) - role in establishing International Federation of Accountants (IFAC) Code of Ethics for Professional Accountants.

　　· Related independence requirements when auditing a U.S. company that supports an audit report based on auditing standards of another country, or ISAs

　　In BEC, candidates should be expected to demonstrate an understanding of globalization on the business environment as well as be able to explain the underlying economic substance of transactions and their accounting implications. Note that IFRS will only be tested in the written communication section in BEC.

　

　　Q. Will the exam be harder than it has been in previous years, due to the inclusion of IFRS?

　　A. The exam will not necessarily be "harder," but the new exam format will definitely require that students have an understanding of IFRS and the major differences between IFRS and GAAP. Additionally, students will have to be familiar with codification research as well as some of the other new areas tested.

　

　　Q. What can I do in my undergraduate classes to better prepare myself for the exam?

　　A. Our CPA Exam Review is based under the assumption that you have had no previous experience in any of the course components. We will give you all the fundamental information necessary for you to pass the exam.