2014 material for January 2015

I am studying to sit for FAR in the beginning of January 2015. The below note on the AICPA’s website is stressing me out. I noted major updates on FASB’s update website (https://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1176156316498) and not sure if CPAexcel will perform an update in December 2014. I will be done with my first round of studying by October 5. I don’t think I can perform a full review in October and then take the exam in late November. I would like too! I need two miracles and patience from my family to let me be isolated all of October and November….

Any advice would help!

Thanks.

AICPA’s website statement

FAR Section: IFRS 15 will not be tested before January 1, 2016

Published August 06, 2014

The AICPA, under the governance of its Board of Examiners (BOE), continually monitors the emerging standards of the profession and their eligibility for testing on the Uniform CPA Examination (“CPA Exam”). According to BOE policy, pronouncements are eligible for testing on the CPA Exam in the testing window beginning six months after their effective date. If early adoption is permitted, pronouncements are eligible for testing on the CPA Exam in the testing window beginning six months after their issuance date.

The International Accounting Standards Board issued IFRS 15, Revenue from Contracts with Customers, on May 28, 2014. IFRS 15 is effective for annual reporting periods beginning on or after January 1, 2017, and earlier application is permitted. Under the CPA Exam Policy on New Pronouncements, IFRS 15 would become eligible for testing on January 1, 2015, in the Financial Accounting and Reporting (FAR) section of the CPA Exam.

Given the scope and significance of IFRS 15, the AICPA Board of Examiners has decided that the standard will not be tested in the FAR section of the CPA Exam prior to January 1, 2016. The BOE will re-evaluate its decision during the second quarter of 2015 to determine whether an additional deferral of IFRS 15 is necessary. All other accounting and auditing pronouncements, including amendments to the FASB Accounting Standards Codification in Accounting Standards Update 2014-09, Revenue from Contracts with Customers, will continue to follow the Policy on New Pronouncements.