There’s a lot going on in the profession these days — new regulations, new standards, added levels of complexity. It’s time the CPA exam reflected these changes.
That’s apparently the stance the AICPA is taking. The Institute wants to update the exam’s content to reflect recent developments, and it is seeking the public’s feedback on the proposed changes.
Included in the proposals are a renewed emphasis on ethics, more detailed descriptions of the skills that entry-level CPAs are expected to possess, and information about international financial reporting standards — the first time IFRS has been offered for inclusion on the exam. Additional testing would be required if IFRS becomes generally accepted in the United States.
“The CPA examination tests the knowledge and skills that are relevant for entry-level CPAs. In doing so, the public is protected,” said Craig Mills, executive director of examinations for the AICPA. “That’s why the AICPA Board of Examiners, which oversees the exam, is already assessing strategies to incorporate IFRS into the exam.”
Comments on the proposals must be submitted by July 31, 2008.