Latest Exam Developments
It's 2008 and time to plan for your successful completion of the CPA exam. Please note the following when preparing your plan for success:
- Be sure your materials are up to date! Audit materials from the first-half
of 2007 and 2006 or earlier, should be tossed. Beginning in July 2007, the
examiners began testing the new risk assessment standards Nos. 104-111. This
is the most pervasive change ever, in the history of nonpublic company auditing.
The exam effect is 40-60%. Also, remember, the particulars of the Sarbanes
Oxley Act continue to be tested.
- Are you wondering when the Business and Environment (BEC) exam will add
simulations to the testing format? The latest report from the AICPA is most
likely 2010. However, don't count on it. Debra says you are safe for 2008.
There is some likelihood that a communication format could be added as early
as 2009. Complete BEC in 2008.
- Did you know BEC is our shortest review course? That's because it is the
shortest exam section. Our candidates report that BEC is a great course to
take via correspondence. To learn more about how to take this course and others
in the comfort of your home, click here.
- Pension accounting has changed. The examiners are now testing SFAS No. 158.
Terms and accounting methods have changed. For example, the “minimum pension
benefit obligation” is no longer computed and disclosed.
- When computing the gain or loss for similar exchanges, your fixed asset
materials should discuss “commercial substance.” A change in deprecation method
is no longer a change in accounting principles. It is now a change in accounting
estimate. Why waste your time studying old material – learn what is tested.
- We have a new tax team to help you! Our Regulation pass rates have improved
greatly. Tax laws generally change once a year. The 2007 tax laws are tested
in January/February and April/May of 2008. The 2008 tax laws are tested in
the July/August and October/November testing windows of 2008. Plan your courses
accordingly. Our course candidates receive free updates on all exam sections
throughout the year, via our secure website.
- The AICPA Code of Professional Conduct independence rules change frequently
and vary widely. For example, the PCAOB has different rules for public audits
than the AICPA for nonpublic engagements. Government entities abide by different
rules yet. Don't risk it – learn the independence rules as they represent
15-18% of the Regulation (REG) exam.
- Worried about the communication questions within the simulations? Our course
covers writing skills.
- Did the research question stump you? Do you know how to search efficiently
using FARS, RIA, CCH, and the AICPA Professional Standards? We have techniques
to help you find your answers quickly.
- Having trouble passing FAR? Did you score weaker in the governmental accounting
and not-for-profit areas? Our candidates report that they felt very confident
in this area. We hit it hard.
- Debra Hopkins is a frequently requested speaker and consultant. She works
with corporations and accounting firms to remain current. Studying out-dated
material will cost you points. Don't risk it! Take the NIU CPA Review today.
Your time and money are valuable.
