During the memories of most of us, the CPA Exam has not had radical changes. In fact, the last major overhaul was in 2004 when the exam changed from being given via paper and pencil to computerized delivery. You knew what to expect…until now.

The American Institute of Certified Public Accountants (AICPA) Board of Examiners has decreed that there will be massive changes in the content and the delivery of the Uniform CPA Exam starting January 1, 2011. As AICPA debuts the new computer-based testing evolution (CBT-e), everything you know about the exam will change.

If you are preparing for the 2010 exam, you know the current question formats, specific content, and scoring weights. After the New Year baby toots his/her horn on January 1, 2011, the new CBT-e exam will have these additions:

* New exam section structure will move all written communications testing to Business Environments and Concepts (BEC) and will remove written communications from Auditing and Attestation (AUD), Financial Accounting and Reporting (FAR), and Regulation (REG).

* Short task-based simulations will replace the current long format simulations in Auditing and Attestation (AUD), Financial Accounting and Reporting (FAR), and Regulation (REG).

* New scoring weights: For AUD, FAR and REG, multiple-choice questions will account for 60% of your score and task-based simulations will be worth 40%. The weight of task-based simulations will double from 2010 to 2011. For BEC, multiple-choice questions will drop to 85% of your score and written communication tasks will comprise the remaining 15%.

* A new authoritative literature component will be added with codified Financial Accounting Standards Board (FASB) accounting standards. * A new research task format will be added to AUD, FAR and REG.

* New content and skill specification outlines (CSOs/SSOs), including International Financial Reporting Standards (IFRS), will be tested.

At CPA Exam, the countdown to 2011 has begun. Because CPAexcel is the only CPA Exam course which never expires, you can order it now and study for the current 2010 CPA Exam. If you have not passed all four sections by the end of 2010, you will have access to the new 2011 CBT-e content and functionality for free!

Why International Financial Reporting Standards (IFRS) Will Not Be in Regulations (REG) in Early 2011

The American Institute of Certified Public Accountants (AICPA) continues to reveal hints on what changes will be made to the CPA Exam starting in January 2011 but they are doing so by using indefinite terms. AICPA uses terminology such as “another possible topic will be” and “students may be asked” to indicate topics which have the greatest chance of being introduced. You may wish to study those topics just in case they show up on your 2011 exam.

There is an interesting change to what we thought you were going to be tested on: there will be no questions on IFRS in REG for at least the early part of 2011. Why? No one has been able to estimate how taxes will be affected by the way in which US corporations use IFRS. Heads up!

Once this issue is settled, to the satisfaction of AICPA, questions on IFRS will be merged into REG in 2011.

As of May 2010, it is likely that these topics will appear magically on the 2011 CPA Exam.

Auditing & Attestation (AUD)

Do you understand how the AICPA Codification of Statements on Auditing Standards, AU Appendix B, Analysis of International Standards on Auditing applies to business? Do you know what role the International Auditing and Assurance Board (IAASB) will play in establishing International Standards on Auditing (ISA)? Do you know what differentiates ISA and U.S. Auditing Standards? Do you know what role the International Ethics Standards Board for Accountants (IESBA) will play in establishing requirements for the Code of Ethics for Professional Accountants of the International Federation of Accountants (IFAC)? Replace the one long simulation in the current format with several short Task-Based Simulations (TBS) in 2011. Double the weight of Simulations from 20% in 2010 to 40% in 2011. Add one new research task format. Delete Written Communications.

Business Environment & Concepts (BEC) Do you understand the possible effects of globalization on the business environment? Can you explain the underlying economic substance of transactions? Add Written Communications, which will be 15% of your score. Delete 18 Multiple Choice Questions (MCQ) or 15%. Delete some of the content on IT. Add questions on project management.

Financial Accounting & Reporting (FAR)

What are the differences between financial statements which are prepared using generally accepted accounting principals (GAAP) standards vs. those that are prepared using IFRS? Can you explain how the first-time integration of IFRS standards will affect financial reporting, disclosures and presentation? Replace the one long simulation in the current format with several short Task-Based Simulations (TBS). Double the weight of Simulations from 20% in 2010 to 40% in 2011. Add one new research task format. Delete Written Communications. Regulation (REG) Replace the one long simulation in the current format with several short Task-Based Simulations (TBS). Double the weight of Simulations from 20% in 2010 to 40% in 2011. Add one new research task format. Delete Written Communications. Delete 18 Multiple Choice Questions (MCQ) from BEC and REG;

At CPAexcel, the countdown to 2011 has begun. CPAexcel is the only CPA Exam which never expires, you can order it now and study for the current 2010 CPA Exam Review Prep Review. If you have not passed all four parts by the end of 2010, you will have access to the new 2011 CBT-e content and functionality for free!