Latest Exam Developments
It’s 2009 and time to plan for your successful completion of the CPA exam. Please note the following when preparing your plan for success:
- Use up to date materials. Audit materials from pre-July 2007 are now 60-65% out of date. Be sure to use current materials. Don’t risk it – your money and time is too valuable to waste.
- Fair value accounting continues to be in the news. It is also tested on the FAR CPA exam. Learn how to apply this relatively new concept.
- The Business Environment and Concepts (BEC) section will remain 100% multiple-choice question format through 2009. Candidates report that BEC is a great course to take via our “correspondence” format. To learn more about how to take BEC and other exam sections in the comfort of your home, click here.
- The Financial Accounting and Reporting (FAR) exam will test the new business combinations standard (SFAS No. 141R) beginning July 1, 2009. This is a significant change affecting at least 10 points of the FAR exam.
- Governmental accounting simulations, as part of the FAR exam, are expected in 2009. Having trouble passing FAR? Our candidates report a high passing rate in part due to our extensive coverage of governmental/nonprofit accounting which represents up to 24% of the FAR exam. Our candidates do very well in this area which helps to increase their score.
- Since 2008 was an election year, there have been very few tax law changes. Take advantage of this and pass Regulation (REG) before the changes occur. We expect many tax changes in the second-half of 2009 as Congress begins their new session.
- Have you taken the exam and been stumped on the research portion of a simulation question? Learn how to search efficiently using FARS, RIA, CCH, and the AICPA Professional Standards. In our review classes we demonstrate techniques to help you find your answers quickly.
- The AICPA has increased the testing of ethics from 15% to 18-20% of the REG exam. The new PCAOB independence standards are also tested. Continue to complete the AICPA Professional Standards exam (required to be a CPA in Illinois) before you take REG.
- Law simulations on the REG exam are expected in 2009.
- Currently enrolled NIU CPA Review candidates will receive a 50% discount off the Gleim CPA review software for the course in which they are enrolled. Take advantage of this deeply discounted price. Ordering details are provided on the first day of class.
- The NIU CPA Review courses can be taken for continuing professional education (CPE) hours. You must attend the class in person to take advantage of this offer.
- The AICPA plans to begin testing of International Financial Reporting Standards (IFRS) sometime in 2011 as part of the FAR exam.
- It is expected that International Standards on Auditing will also be tested as part of the Auditing and Attestation (AUDIT) exam.
- Corporate governance topics are expected to be part of the BEC exam beginning in 2011.
There is no better time to pass the CPA exam than now. We are in times of economic uncertainty. Those three initials “CPA” represent the premier credential for accountants. Increase your status by passing this exam soon.
