[aran01]

I am studying to take REG mid July. So I am hearing that we will be tested on the 2016 law and wanted to verify with Wiley when they would be updating. His response was:

WileyCPAexcel will update at the end of June but the exam will not be tested on 2016 material until August.

Updates are release by the AICPA in June and December, and they wait two months before they start testing on the updates.

Now I’m so confused!

[jeff]

Here is the official policy from the AICPA (https://www.aicpa.org/BecomeACPA/CPAExam/ExaminationContent/NewPronouncementPolicy/Pages/new_pronouncements.aspx)

“Changes in the federal taxation area, the Internal Revenue Code, and federal taxation regulations may be included in the testing window beginning six (6) months after the change’s effective date or enactment date, whichever is later.

For all other subjects covered in the Regulation (REG) and Business Environment and Concepts (BEC) sections, materials eligible to be tested include federal laws in the window beginning six (6) months after their effective data, and uniform acts in the window beginning one (1) year after their adoption by a simple majority of the jurisdictions.”

Effective Date: January 1, 2016

Testable on exam: July 1, 2016 … unless it's a retroactive tax law recently passed (enactment date … later), which isn't the case with the 2016 Tax laws.

NINJA has always updated REG mid-year with the new tax laws. Always.

AUD - 79
BEC - 80
FAR - 76
REG - 92

Jeff Elliott, CPA (KS)
NINJA CPA | NINJA CMA | NINJA CPE | Another71

[aran01]

I had read the AICPA policy you gave and was going by that. Then I asked about when the software would update and he gave that answer after I questioned why the updates would not be done if I was testing on the updated material. I was confused and thought I was missing something. Thanks for the clarification.

[Anonymous]

The good news, aran, is that there's usually relatively little of the exam that changes based on the law changes, since the exam is testing things that remain the same year-to-year more than it is testing numbers that change every year. So, even if you will mostly be studying from last year's numbers and such, it's not likely to affect your exam much. I used Wiley books and took REG in October. I don't think the books had a pre-July and post-June section, so I think they must have just had the old numbers in them, and didn't give me any trouble, though of course there's more changes in some years than others and that was a couple years ago.

[kayfcpa16]

@aran01 my recommendation is to purchase Ninja MCQ/Sims for REG to make sure you're updated! ($47 not wasted) :)!

May the force be with you .

BEC - 78 (2/16)

FAR - 78 (2/16)

AUD - 69 (8/16), 75 (10/16)

REG - 65 (8/16), 65!! (10/16) - Just Shoot Me [Re - Retake (1/17) 75!] ..

DONEEEEEEEE

 

FAR - 2/16 - 78
BEC - 2/16 - 78
AUD - 8/16
REG - 8/16

[Author]

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