Even though only two testing days passed from the time CBT-e launched and the time the press release came out, the AICPA, NASBA and Prometric are very excited to announce the successful launch of the new CPA exam.
The American Institute of Certified Public Accountants, National Association of State Boards of Accountancy, and Prometric today launched the new Uniform CPA Examination, called CBT-e, which includes for the first time questions on International Financial Reporting Standards among other sweeping and significant changes.
Changes were approved by the AICPA Board of Examiners based on input from state boards of accountancy in response to an Invitation to Comment, and a Practice Analysis designed to ensure the exam tests the modern knowledge and skills that are relevant for today’s entry-level CPAs. The new IFRS questions and other changes to the exam are the first major revisions since the CPA exam was computerized in 2004.
Overall, more emphasis is being placed on skills assessment using case study-based questions known as Task-Based Simulations. Authoritative literature in the CPA exam incorporates use of new Financial Accounting Standards Board codifications of U.S. Generally Accepted Accounting Principles. Professional responsibilities including ethics and independence have been added to the Auditing and Attestation section.
“The testing of IFRS knowledge and other international standards is a response to change in the business world in which new CPAs operate,” said Craig Mills, vice president of examinations for the AICPA. “We are proud and excited to be introducing innovations in this evolution of the computer-based test that both validate and update the content of the exam and improve the experience for candidates. The exam is one of three key requirements, along with education and experience, that help state boards and the profession maintain the highest standards and protect the public interest.”
In related news, I will be speaking with the AICPA this afternoon about the new exam and thanks to your input, will be interrogating them on score releases, potential changes to passing scores, the integrity of the exam (since the old timer paper and pencil folks continue to rag on the new exam as too easy) and the continued evolution of exam content beyond 2011. I’d like to ask them when the hell BEC is going to be more than a junk drawer but having seen some of the new 2011 content on that section, I have to say it looks like they are working on consolidating the most random CPA exam section into a more streamlined piece of psychometric awesomeness. It isn’t too late to get me your questions for the AICPA’s exam unit so if you have one that you haven’t gotten to me yet, get on that or drop it in the comments and I’ll try to sneak it in.
I’ve also spoken to at least a handful of candidates who tested last week and so far feedback is positive on the new format as I suspected it would be. For the love of Excel, please don’t get stressed out over international standards as you shouldn’t expect to receive an exam made up of 70% new content. Try 5 – 10% max.
Update to come on Friday.