What’s New on the 2019 CPA ExamHow to Prepare for Significant Changes Coming in JanuaryOctober 30, 2018

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Introductions

Denise Probert, CPA, CGMADirector, Learning and Curriculum Strategy, Wiley

Leslie DavidsonWebinar Moderator, Wiley

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Agenda

• The CPA Exam Experience

• 2019 Score Release Timeline

• Newly Eligible Content• January 2019 Eligible Changes• 2019 Q3 and Q4 Eligible

Changes• Upcoming items to watch for

• Your Exam Plan & Strategy

• Raffle

• Ask the Expert

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CPA Exam Experience

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Exam Structure by Section

Source: Uniform CPA Exam Structure. www.AICPA.org

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Timing Your Test

CPA Exam Experience

Source: Uniform CPA Exam Structure. www.AICPA.org

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CPA Exam Experience

Source: AICPA Sample test. http://exams.aicpa.org/cpaexam/Start.html

8Source: Wiley CPAexcel BEC Practice Exam. https://www.efficientlearning.com/cpa/

CPA Exam Experience

9Source: AICPA Sample test. http://exams.aicpa.org/cpaexam/Start.html

CPA Exam Experience

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CPA Exam Experience

Source: Wiley CPAexcel FAR Practice Exam. https://www.efficientlearning.com/cpa/

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CPA Exam Experience

Source: Wiley CPAexcel BEC Practice Exam. https://www.efficientlearning.com/cpa/

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2019 Score Release Timeline

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Target Score Release Dates 18Q4 –19Q2

2019 Score Release Timeline

Note: For BEC, receipt of score may extend approximately one week beyond the target release date due to additional analysis that may be required for the written communication portion.Source: CPA Exam Testing Windows and Score Release Dates, https://www.aicpa.org/becomeacpa/cpaexam/psychometricsandscoring/test-windows-score-release.html

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Target Score Release Dates 18Q4 –19Q2

2019 Score Release Timeline

Note: For BEC, receipt of score may extend approximately one week beyond the target release date due to additional analysis that may be required for the written communication portion.

Source: CPA Exam Testing Windows and Score Release Dates, https://www.aicpa.org/becomeacpa/cpaexam/psychometricsandscoring/test-windows-score-release.html

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Newly Eligible Content

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Accounting and auditing pronouncements are eligible to be tested on the Uniform CPA Examination in the later of: (1) the first testing window beginning after the pronouncement’s earliest mandatory effective date or (2) the first testing window beginning six (6) months after the pronouncement’s issuance date. In either case, there is a simultaneous introduction of content related to the new pronouncement and removal of content related to the previous pronouncement.

Changes in the federal taxation area, the Internal Revenue Code, and federal taxation regulations may be included in the testing window beginning six (6) months after the change’s effective date or enactment date, whichever is later.

For all other subjects covered in the Regulation (REG) and Business Environment and Concepts (BEC) sections, materials eligible to be tested include federal laws in the window beginning six (6) months after their effective date, and uniform acts in the window beginning one (1) year after their adoption by a simple majority of the jurisdictions.

AICPA CPA Exam Pronouncement Policy

Source: CPA Exam Policy on New Pronouncements. November 12, 2015. https://www.aicpa.org/becomeacpa/cpaexam/examinationcontent/newpronouncementpolicy.html

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January 2019

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January 2019REG

• Tax Cuts and Jobs Act of 2017

2019 Content Update

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January 2019FAR

• Accounting for Leases (FASB ASU 2016-02, 2018-01 and IFRS 16)• Plan Accounting Employee Benefit Plan Reporting (FASB ASU 2017-06)• Receivables – nonrefundable fees, premium amortization on callable

debt securities (FASB ASU 2017-08)• Earnings Per Share (FASB ASU 2017-11)

2019 Content Update

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January 2019FAR (continued)

• Derivative and Hedging (FASB ASU 2017-12)• GASB 84 Fiduciary Activities • GASB 88 Certain Disclosures Related to Debt, Including Direct

Borrowings and Direct Placements

2019 Content Update

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July 2019

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July 2019AUD

• The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion (PCAOB 2017-01); CAM eligible Q3

• SSARS No. 24 -Omnibus Statement on Standards for Accounting and Review Services —2018 (SSARS No. 24);

• Government Auditing Standards — 2018 Revision (Yellow Book); Updates related to performance audits

2019 Content Update

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Items Being Monitored

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AUD

• Data Analytics: Monitoring use in the profession and blueprint (AICPA’s Guide to Audit Data Analytics, 2017)

BEC

• COSO Enterprise Risk Management• SOC2® Reporting on an Examination of Controls at a Service

Organization Relevant to Security, Availability, Processing Integrity, Confidentiality, or Privacy

2019 Content Update

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BEC (cont.)

• Changes to Dodd-Frank• Sustainability Accounting Standards Board (SASB) Exposure Drafts of

the standards• SOC for Vendor Supply Chains• Technology topics• Artificial intelligence, automation, and machine learning• Blockchain and cryptocurrencies• Cloud computing• Cyber• Data analytics

2019 Content Update

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Your Exam Plan & Strategy

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2019 Testing WindowsQ1: January 1 –

March 10

Q2: April 1 –June 10

Q3: July 1 –September 10

Q4: October 1 –December 10

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2019 Testing WindowsQ1: January 1 –

March 10

Q2: April 1 –June 10

Q3: July 1 –September 10

Q4: October 1 –December 10

Q4 score release: Dec. 11/ Dec. 19*

2018 Q1 scores all released

Q2 score release: June 27/

June 29 BEC

Q3 score release:

Sept. 11/ Sept. 19*

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*Target date for those testing in blackout month

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Scenario 1:Candidate will sit for first section in Q4 of 2018

Your Exam Plan and Strategy

Q4 2018: REG

Q1 2019: FAR

Q2 2019: AUD

Q3 2019: BEC

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Scenario 2:Candidate will sit for first section in January 2019

Your Exam Plan and Strategy

Q1 2019: FAR

Q2 2019: AUD

Q3 2019: REG

Q4 2019: BEC

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Scenario 3: Candidate plans to start January 2019 and move fast.

Your Exam Plan and Strategy

Jan 2019: FAR

March 2019: AUD

May 2019: REG

July 2019: BEC

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TIPS TO PASSING THE EXAM

• Make a Commitment!

• Make a Plan!

• Attitude, attitude, attitude

• Health and wellness

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Powerful 2019 Updates to the Wiley CPAexcel Review Course

Learn more at efficientlearning.com/cpa/products/

Ask the Expert

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Thank you!

Congratulations to Our Winner

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Raffle