carolen204
offlineMember
I am planning on taking the last exam by Jan 2011 the first week, that if I pass all three section by then.
Do you know how immediate the changes will take effect?
Any suggestion on the order of taking the exam that has less impact of the change. I will be taking the BEC next week!! and I still have rest of chapter 3,-5 to cover!!
t
I think the new format is live January 2, 2011.
Jeff - another71.com
offlineadmin
Yeah - it's immediate.
Your last opportunity to take the exam under the current format is November 30, 2010.
Jeff - another71.com
offlineadmin
I would take AUD and FAR first...they change the most.
-Jeff
Jeff - another71.com
offlineadmin
Similar format as now, except FAR and AUD will have IFRS added to them. BEC will inherit the written communication sections from FAR/AUD/REG and will be over BEC topics. REG will pretty much remain the same, minus some ethics that will get switched over to AUD.
Alexinytown
offlineMember
I'll second that, I want this thing done and over by 12/31/2010 if at all possible. I've had some exposure to IFRS, but there are enough nuances with it to make it tricky and really it's not something I want to recover, at least for purposes of this exam.
Jeff - another71.com
offlineadmin
YES - FAR and AUD are going to suck.
Jeff - another71.com
offlineadmin
Two exams you must take in 2011:
Jeff,
Do you think this means they will pass more candidates in the later windows of this year or do you think they will be completely heartless about it? Or vice versa? Could it be that more candidates will pass in the first two windows of 2011 while they work it all out? Seems that those of us who will be prepping and sitting for these exams in the last two windows of 2010 will be hung out to dry emotionally, intellectually and financially if we don't manage to pass. I know change must come and is inevitable, but that doesn't make it any less terrifying.
When was the last time a major change like this occurred for the CPA Exam? Standardization? CBT?
Thanks in advance and of course thanks for all of your help, encouragement and for the wonderful community you host.
abacus
offlineMember
Call me crazy, but does anyone believe there is a benefit in taking the exam under the new format? Why rush to learn material that will soon be outdated? Wouldn't it be ideal to truly understand IFRS and be familiar with codification if that is the environment in which CPAs will practice?
I am working on my masters, but have my 150. I'm set to graduate May 2011. Would it be worthwhile to take the fall semester off and work towards passing FAR & AUD at a minimum? If so, is it reasonable to prepare for two exams in that time frame while working full time? I have not yet applied for my NTS so will most likely not be eligible to sit until the Oct/Nov window. Lastly, if I were to pass: is there any reason to continue the masters? Many of my classes (namely Adv Fin Accounting and Advanced Audit which I am scheduled to take in the fall) are intended to help prepare me for the CPA exam.
Sorry for the ramble! I will need to answer most of these ?s myself, but any insight is more than welcome...
Jeff - another71.com
offlineadmin
Lucy: Q3 is historically the highest pass rate for a year. I bet there will be people scrambling to get done in 2010 in Q3 and Q4.
The last major change like this was 2004 when the exam went computerized.
Abacus: You will learn IFRS for exam-purposes only. Any real-world application will likely be much more in-depth. I wouldn't let this affect your decision one way or the other.
-Jeff
barnesmic
offlineMember
Jeff,
Do you honestly think they will test IFRS heavily? Any new info that has has happened recently, i.e. SOX, how much of that is actually tested? The majority of what is tested are the same questions they have had since the 90s. These review companies (becker, yaeger, gleim, wiley, etc.) would need to know what is going to to be tested? The AICPA would need to let these companies implement these questions into their texts? Help me understand this.
I started studying for the CPA exam back in February putting soo much pressure on myself to pass this year. Becker does a real good job of scaring the crap out of you. I failed both FAR and AUD under this pressure I put on myself and did not study effectively the best way I need to study in order to pass. SLOWER. I have decided there is no use in trying to cram all 4 sections the rest of this year. I will hold off on FAR and AUD for next year. I just have a hard time thinking they will totally change the content too terribly much other than the new format of the exam. Thoughts??
Jeff - another71.com
offlineadmin
I was in the room when the AICPA gave the presentation to the review courses last August.
The term they used was "bilingual" - IFRS and GAAP on the Exam.
Jeff - another71.com
offlineadmin
IFRS has been on the horizon for awhile. I've taken a glass on it for some CPE. Most review courses print their books in the summer before the new series is released. I wouldn't underestimate it.
Is it going to be an exam on IFRS? No. Will you have to know it just like you need to know how to consolidate using 141(R) for FAR? Yes.
barnesmic
offlineMember
Thanks Jeff. I love this site by the way....don't get me wrong, I am not going to ever take this exam for granted again. I will definitely study the new material just as hard as the next one. I am just not going to worry about all these new changes anymore because there is nothing I can do about it, and hey I am not going to be the only one taking this exam next year. For me, trying to PASS all four parts in six - ten months is rather unrealistic.
Jeff - another71.com
offlineadmin
You are absolutely right...nothing you can do about it...nor should you be anxious about the changes. Whatever comes, you will overcome it.
With that said, there is some smart strategery between now and 2011in getting FAR and AUD out of the way, that's all.
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