Click here for latest information: http://ipassthecpaexam.com/...
This new CPA exam be launched on April 1, 2017, first day of the second testing window. The changes are made in response to industry demand for more high-order skills from CPAs. High-order skills include critical thinking, problem solving and analytical ability.
What stays the same? First, content of the four exam parts
We are going to have the same 4 parts of the exam: AUD, which stands for audit and attestation; BEC, which stands for Business Environment and Concepts; FAR, which stands for Financial Accounting and Reporting; and REG, which stands for Regulation.
Second, result release timeline: The new exam format will not impact the existing average 20-day score release timeline. There will be delays in second, third and fourth quarters of 2017 when the new exam introduced, but things will be back to normal in 2018. Third, the score review and appeal process: Successful cases are very rare, but the process remains the same.
First, longer exam: In the current version, Regulation and BEC are shorter at 3 hours each. Starting in April, all 4 parts will be 4 hours long, meaning the total number of exam time will be increased from 14 to 16 hours.
Second, scheduled breaks: Candidates will be automatically offered a 15-minute break midway through each exam part, which may be accepted or declined. This break will not count against your testing time.
Third, more Task-based Simulations: In order to put more emphasis in testing high-order skills, the proportion of task-based simulations will be increased from the current 40% to 50%. The Document Review Simulations, which was introduced in June 2016, will continue to be used in FAR, Audit and Regulation.
Fourth, Task-based Simulations will be introduced in BEC: Currently, there are only multiple choice and written response questions in BEC. Beginning April 2017, 5 simulation questions will be added.
Lastly, more expensive: It will cost more to take the Regulation and BEC part of the exam, because the exam time will be increased to 4 hours. The cost for FAR and AUD remains pretty much the same.
Question: will the passed exam parts be counted?
Thankfully, yes. NASBA, boards of accountancy, and the AICPA have agreed that any combination of passed current sections and passed new sections will count toward licensure.