The American Institute of CPAs is asking for suggestions Wednesday on an publicity draft of the redesigned Uniform CPA Examination because the AICPA tries to develop the dwindling pool of younger individuals getting into the accounting career.
The AICPA has been working with the Nationwide Affiliation of State Boards of Accountancy on a CPA Evolution initiative to overtake the examination to make it extra related for companies right this moment and check extra for know-how abilities. The revamped examination and CPA licensing mannequin are anticipated to launch in January 2024, and the AICPA is asking for suggestions by Sept. 30, 2022. The publicity draft consists of the draft Uniform CPA Examination Blueprints, the official doc that presents content material that’s eligible for evaluation on the examination, primarily based on the data and abilities required of a newly licensed CPA.
In recognition of the pervasive position of know-how in accounting, core components of the examination embrace a concentrate on understanding how knowledge is structured and knowledge flows by underlying IT programs and enterprise processes, in addition to figuring out strategies for reworking knowledge to make it helpful for decision-making, verifying the completeness and accuracy of supply knowledge, and utilizing the outputs of automated instruments, visualizations and knowledge analytics methods.
“The CPA examination is at all times evolving to fulfill the wants of right this moment’s apply,” mentioned Michael Decker, vice chairman of CPA examination and pipeline on the AICPA, in a press release Wednesday. “With CPA Evolution, we have now a chance to evaluate the required data and abilities all newly licensed CPAs want. Our purpose is for the examination to stay rigorous and consultant of the evolving position of accounting professionals. We imagine enter from varied stakeholders is integral in creating an examination that can meet these wants.”
Underneath the brand new CPA Evolution licensure mannequin, all CPA candidates might want to take three core sections: monetary accounting and reporting, auditing and attestation, and taxation and regulation. Every candidate will then choose a self-discipline during which to display additional abilities and data: enterprise evaluation and reporting, data programs and controls, and tax compliance and planning. It doesn’t matter what a candidate’s chosen self-discipline is, the mannequin will result in a full CPA license.
“Making certain that candidates possess acceptable ranges of abilities and data by the CPA Evolution-aligned examination will drastically profit the career in the long run,” mentioned NASBA govt vice chairman and chief working officer Colleen Conrad in a press release. “I strongly encourage all events to take part on this course of by submitting their feedback on the publicity draft.”
Each the AICPA and NASBA are hoping to reverse worrisome indicators within the pipeline of latest accountants within the career. The AICPA traits report from 2021 discovered accounting graduates trended downward within the 2019–20 educational 12 months, with decreases of two.8% and eight.4% on the bachelor’s and grasp’s ranges, respectively. The variety of new CPA examination candidates getting into the CPA pipeline declined in 2020 resulting from short-term closings and the varied restrictions at Prometric check facilities, with total COVID considerations carrying ahead into 2021. Whereas new CPA examination candidates decreased lower than 0.5% between 2018 and 2019, there was a 17% lower between 2019 and 2020, though there was a 6% enhance between 2020 and 2021.
The AICPA is asking for feedback on the publicity draft by way of e mail to practiceanalysis@aicpa.org by Sept. 30, 2022. All suggestions will likely be thought-about when finalizing the design of the 2024 examination.
A last report, together with the ultimate CPA Examination Blueprints, will seem early subsequent 12 months, properly prematurely of the anticipated launch of the CPA Evolution-aligned CPA examination in January 2024.
Extra data on the CPA Examination is obtainable on-line and will likely be up to date recurrently.