"New" CPA exam launches January 2011

To include questions regarding IFRS

The AICPA will officially launch a more technologically modern version of the Uniform CPA Examination on Jan. 1, 2011. CBT-e (short for Computer-Based Testing evolution) will also update the content of the Uniform CPA Exam, including questions about International Financial Reporting Standards (IFRS).

Almost half of the nation’s accounting faculty believes the U.S. should transition to IFRS to remain competitive. Three-quarters also want IFRS to be incorporated immediately into their school’s curricula, according to a new survey from the American Accounting Association and KPMG LLP.

Making room for IFRS in the curriculum is the most significant challenge to teaching IFRS, according to 70% of professors surveyed. However, 70% of respondents have taken the necessary steps to do this.

Along with a more modern exam, new authoritative literature will be released based on the FASB Accounting Standards Codification and a new research task format will be incorporated into the CPA Examination.

A new tutorial and sample tests will be released in the fall of 2010 to give candidates time to familiarize themselves with the new research task format and authoritative literature.

The new content and skill specification outlines are now available on the CPA Exam Web site. The AICPA will be making more information available in the coming months, including the transfer of written communication tasks from various parts of the exam to the business environment and concepts section and the introduction of new task-based simulations in the exam.

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