2017 changes to cpa webinar ppt.pptx

Steve Yang, KAPLI Instructor

About the webinar- Feel free to type questions as they come up - Any unanswered questions will be addressed at the end- The link to the recording and slide deck will be sent out

after the webinar

NY/NJ CPAs, Professionals in Accounting MeetUp

- Formed last year with the goal to provide networking and seminars for accounting professionals

- Working to create even more events (online and in-person)

- If you are interested in being a speaker, please let us know

event@pluscareerus.com

Steve Yang, KAPLI Instructor

Three stages of knowing something

I know. I definitely know it.

Three stages of knowing something

I know. I definitely know it.I know what I don’t know.

Three stages of knowing something

I know. I definitely know it.I know what I don’t know.

I don’t know what I don’t know.

If you are in Stage 3 regarding the CPA, I can help you be in Stage 2

Requirements to Become a CPA

Most states require 150 credits and some accounting credits

75% or above from each subject (AUD, REG, FAR, BEC)

Most states need some experience (1yr)* You have to submit a letter from your CPA supervisor

Education Exam scoreExperience

The “3 Es”

CPA ≠≠≠ Certified Public Accountant

CPA === Cannot Pass Again!

➔ This shows how hard it is!CPA === Cannot Pass Again!

CPA === Cannot Pass Again! ➔ This shows how hard it is!SO, HOW DID I PASS THE EXAM?

FAREBe familiar with the questions! Solve MCQs as many times as possible.Spend some time on Governmental Accounting(These are straight-forward questions if you know the subject)

Sections of the Exam

REGSpend 70% of your time in TaxBuis Law ⇒Make sure to know all the basic principles.

Sections of the Exam

AUDTry to understand audit procedures and memorize unique points in a specific procedure. Also, memorize reports: compilation, review, & audit reports.

Sections of the Exam

BECThe subject is broad. Memorize key concepts and try to solve a wide range of problems (especially IT).

Sections of the Exam

Overall, you need to get only 75 or above!!!Do not spend too much time on studying too detailed or too hard questions.

NEW CPA Exam

(Starting Apr/2017)

Maintaining the relevance of the Uniform CPA

AICPA has published a Blueprint and Exposure Draft

The motto of the exposure draft:

Maintaining the relevance of the Uniform CPA

AICPA has published a Blueprint and Exposure Draft

The motto of the exposure draft:

➔Make sure candidates meet market demand for higher order skill sets

➔ Most likely harder than current exam

60% 40%RememberingUnderstanding Application

Current exam assess two major skills

Usually tested in MCQs

Usually tested in Task Based Simulations

RememberingUnderstanding Application Analysis Evaluation

NEW!

NEW!

New Skill Assessment

Audit Business En & ConceptsRegulationFinancial

Reporting

R & U AppAnalyEval

Only Section with EVAL

Major Reduction in R&U Minimum Change Maximum Change

R & U AppAnalyEval

R & U AppAnalyEval

R & U AppAnalyEval

30% - 40%

30% - 40%

15% - 25%

5% - 15%

10% - 20%

50% - 60%

25% - 35%

10% - 20%

50% - 60%

25% - 35%

25% - 35%

25% - 35%

35% - 45%

AUD FARE REC BEC

Before After Before After Before After Before After

MCQ 90 72 90 66 72 76 72 62Simulation 3 8-9 7 8-9 6 7-9 4-5

(new!!!)

Written Com 3

Test Duration 4 4 4 4 3 4 3 4

Overall 10~15 less MCQs and 2~3 more Simulations

AUD FARE REC BEC

Before After Before After Before After Before After

MCQ 90 72 90 66 72 76 72 62Simulation 3 8-9 7 8-9 6 7-9 4-5

(new!!!)

Written Com 3

Test Duration 4 4 4 4 3 4 3 4

***BEC is the biggest change. There is no practice simulation anywhere, yet. It is hard to prepare for it if you don’t know the style of the questions.

After a big change, a period of chaos follows.The first few years will be a test period for the exam.

Do not be a victim of the change! Pass (AUD and BEC) beforehand.

Questions?

Contact:event@pluscareerus.comGabi or Kris Nam at NY/NJ CPAs, Professionals in Accounting MeetUp

*Reminder that if you would like to be a speaker for future events, please also contact us

THANK YOU!