Why KC GlobEd
GCC School
Delving into an essential aspect of the accounting world, we're exploring the CPA Exam and its recent format changes introduced with the CPA Evolution in January 2024. Our goal is to provide a clear overview of the updated exam pattern in a straightforward manner. By the end, you'll have a solid grasp of what to expect and how to prepare effectively for success. Let's dive in and explore the ins and outs of the revised CPA Exam together in this article.
US CPA Exam 2024 Onwards:
|
Section |
Time |
Multiple-Choice Questions (MCQs) |
Task-Based Simulations (TBSs) |
||
|
MCQ |
Score Weightage |
TBS |
Score Weightage |
||
|
AUD – Core |
4 hours |
78 |
50% |
7 |
50% |
|
FAR – Core |
4 hours |
50 |
50% |
7 |
50% |
|
REG – Core |
4 hours |
72 |
50% |
8 |
50% |
|
BAR – Discipline |
4 hours |
50 |
50% |
7 |
50% |
|
ISC – Discipline |
4 hours |
82 |
60% |
6 |
40% |
|
TCP – Discipline |
4 hours |
68 |
50% |
7 |
50% |
Skill Level Testing
|
Section |
Remembering and Understanding |
Application |
Analysis |
Evaluation |
|
AUD - Core |
30–40% |
30–40% |
15–25% |
5–15% |
|
FAR - Core |
5–15% |
45–55% |
35–45% |
- |
|
REG - Core |
25–35% |
35–45% |
25–35% |
- |
|
BAR - Discipline |
10–20% |
45–55% |
30–40% |
- |
|
ISC - Discipline |
55–65% |
20–30% |
10–20% |
- |
|
TCP - Discipline |
5–15% |
55–65% |
25–35% |
- |
Note: -
- Remembering and Understanding: Perceiving and comprehending the significance of an area using acquired knowledge.
- Application: Applying or demonstrating knowledge, concepts, or techniques.
- Analysis: Studying the connections between different areas to identify causes and gather evidence for inferences.
- Evaluation: Assessing problems and exercising judgment to reach conclusions.
Understanding the CPA Exam Sections
In 2024, the CPA exam transitioned to a revised format featuring four sections. While previously all four sections were compulsory, the updated exam now includes three core sections and one disciplinary section. This change allows candidates to choose a specialization that aligns with their career goals and interests, providing a more personalized testing experience.
Core Exam Sections:
1. Financial Accounting & Reporting (FAR) - The FAR Core section examines candidates' proficiency in financial accounting and reporting frameworks, encompassing standards issued by esteemed bodies such as the Financial Accounting Standards Board (FASB), U.S. Securities and Exchange Commission (U.S. SEC), and the GASB (Governmental Accounting Standards Board). These standards are applicable to profit , non-profit entities and governmental entities respectively.
2.Auditing & Attestation (AUD) - The AUD Core section evaluates candidates' comprehension and aptitude necessary for conducting audit engagements, attestation engagements, and accounting and review service engagements.
3. Taxation & Regulation (REG) - The REG Core section assesses candidates' proficiency in U.S. ethics and professional obligations pertaining to tax practice, U.S. business law, and U.S. federal tax compliance for both individuals and entities. The focus is on recurring and routine transactions within these domains.
Discipline Exam Sections:
Candidates must select one of the following sections:
1. Business Analysis & Reporting (BAR) - BAR focuses on analyzing business transactions, financial statements, and reporting practices to make informed business decisions.
2. Information Systems & Controls (ISC) - ISC evaluates your understanding of information systems, internal controls, and their impact on financial reporting.
3. Tax Compliance & Planning (TCP) - This section is a continuation of the REG. TCP tests your knowledge of planning and advising to individuals and businesses including representation of clients to IRS and the court.
Conclusion
As the US CPA Exam undergoes a transformation with the introduction of these innovative Discipline sections, candidates are poised to embark on a new chapter in professional development. Embracing these advancements and dedicating ample time for thorough preparation will undoubtedly pave the path to success in navigating the evolving landscape of the US CPA Exam.
With KC GlobEd's tailored study resources, focused practice, and expert guidance from renowned faculty, aspiring CPAs can confidently master the core sections as well as disciplinary sections, ensuring they not only pass the CPA exam but also navigate through the placement support procedure smoothly.
KC GlobEd is dedicated to upholding the highest standards of excellence, showcasing unwavering commitment and expertise in the field of finance, accounting & taxation. As we navigate the realms of business analysis, information systems management, and tax compliance and planning, we envision the CPA profession ascending to unprecedented levels of success. Are you prepared to advance your career alongside us?
KC GlobEd's Professional Courses in US Taxation, CMA, and CPA
