AICPA’s Exam Update

The American Institute of CPAs presented exciting news last week. They are planning to revamp the CPA examination. This is not the exciting news as the test is often updated for content and relevance. The exciting news is the AICPA has decided to open at least a portion of the revisions up to public comment. Until now, the content of the test has largely been decided by a small group at the AICPA, the head of which currently is Michael A. Decker, AICPA vice president of examinations.

Here is what a CPA test may have looked like 50 years ago! Look how far we've come!

Here is what a CPA test may have looked like 50 years ago! Look how far we’ve come!

Decker and his examinations team released an open invitation for comments that would help update the relevance of the CPA examination, specifically in the Practice Analysis section of the exam. “The Invitation to Comment is an opportunity for key stakeholders such as state boards of accountancy, standard setters, public accounting firms, academics and state CPA societies to review our preliminary research and provide feedback,” Decker said. “This valuable input will help influence the development of the Exam, and ultimately ensure that we’re continuing to protect the public interest, while setting the standard for testing accounting professionals.”

This news is being heralded as a big step in the right direction for the AICPA by many because times are changing quickly and CPAs are being required to use new and different skills every year. The examinations team does fantastic work independently but it is nearly impossible to keep up on the trends in the world of accounting if you are not engaged in practice. Thus, who better to help keep the exam relevant and ensure new CPAs are ready for the real world accounting than contemporary accountants themselves.

If you would like to comment and let the AICPA know what you think should be on the exam, you can find out how here.

With the additional help of CPAs around the country, the test will gain a necessary update that will include up-to-date skills and ideas. This will steer CPA candidates towards studying relevant material and prepare them sufficiently for the ever-changing world of public accounting.

 

from Evan Vitale http://ift.tt/1qFV0jA

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