The race to CPA is on.
If you haven’t started preparing for the exam, this might be the time to start preparing.
You already know that clearing the CPA will boost your career in accounting and finance. So why wait?
In addition, there are some updates in the 2018 CPA exam pattern. But don’t worry! These updates are helpful in bettering the exam-taking experience. Therefore, you should learn about these changes. Here is a quick guide to the same:
The CPA exam is getting a makeover.
The new user design will have technological improvements in addition to a sleek design.
The AICPA has launched a month-long preview for candidates; and you can be among the first few to get the preview.
According to the AICPA announcements, the previews are to test the functionality of the website and its testing ease.
Although the design is undergoing change, there are no changes within the exam content.
It is advisable that candidates go through the website at least once before they take the exam. You wouldn’t want to waste time during the exam on navigating the website.
This year, candidates will have a surprise. The new user interface will come loaded with Microsoft Excel. This is a welcome relief and an upgrade over the generic spreadsheet that candidates were allowed to use to calculate exam answers.
Since Microsoft Excel is commonly used in the accounting profession, it will be a much awaited addition. In any case, most students taking the exam would have used Excel during their coursework or in their career.
Candidates must however remember that they are not tested on their competency on using Excel. It is simply provided as a tool that they can use during the Exam.
The Prometric testing centres will now have larger screens meeting the new user interface.
The 23-inch HD screens will be beneficial particularly since candidates can see multiple elements on the same screen.
In addition, this will facilitate the task-based simulation exercises where candidates have to view numerous exhibits such as the Document Review Simulations.
There are some content updates in the CPA Exam 2018.
The most significant addition is the revision made in the Revenue Recognition component in the FAR section.
The FASB recently changed it guidelines and now requires a company to recognize its revenue. The change in the CPA Exam is a response to that. In addition, the economy has also changed from producing tangible goods to intangible ones, especially under complex arrangements such as information and think software.
There are also some new streamlines for determining when the revenue should be recognized; in addition to the US GAAP aligning itself with international accounting standards.
While these are only some of the changes that you can expect with the 2018 CPA Exam, you can be assured that Wiley CPA Review will help our students be fully prepared for the updates.
It is important to acknowledge that like every profession, accounting evolves with technology. And, the CPA exam is likely to evolve according to the industry expectations and needs.
Wiley Online Training is among the global leaders in international training for CPA, CFA, FRM, CMT, CMA & Data Science & Analytics. It has helped over 500,000 professionals across the globe. With Wiley Online Training, 9 out of 10 students pass their exams. Want to find out more? Call us at 0120-6291100/01 or drop us a quick message here.