You probably know that the CPA Exam will have some major changes in 2017. Here are the major things you need to know (courtesy of the Roger CPA Review):
How the AICPA Determined the Changes
The American Institute of Certified Public Accountants (AICPA) conducted comprehensive research between 2013 and 2015. It did so to ensure that the structure and content of the CPA exam remains a reliable and relevant measure of the knowledge and skills that a CPA requires to protect the public interest. This research (known as a Practice Analysis) determined what changes are being made in the 2017 exam.
Emphasis on Higher-Order Skills
Rather than just memorizing facts, CPAs who can think critically, solve problems, analyze effectively, and possess professional skepticism are currently in demand in the marketplace. Because of this, the exam focuses on these types of skills.
The Exam Uses a New Skill Level Framework
While the current exam for CPAs uses a framework of Remembering, Understanding, and Application, the new framework will emphasize Application, Analysis, and Evaluation.
Blueprints Will Replace CSOs
The AICPA used to release annual Content Specification Outlines (CSOs) to determine the type of technical content that should be on the Exam. Instead, the organization will now use Blueprints to serve as guidelines to develop Exam questions.
More Task-Based Simulations
REG, FAR, and AUD will now include eight or nine TBSs (Task-Based Simulations), while the BEC will use four to five of them.
Simulation of Document Review
There will be a new type of TBS known as Document Review Simulation. Candidates will refer to written documents to figure out what is and is not important to solve problems.
The Exam Will be Longer
The REG and BEC sections will increase by one hour. Because of this, these sections will now take four hours instead of three. Test takers will now get a short break during each section of the exam.
The Exam will Cost More
To cover the increased times in testing for the REG and BEC sections, the exam will cost an extra $20.