Video: ICAS Mutual Recognition Agreement with AICPA (IQEX)
Farouk writes in, “Dear Sir or Madam, I'd like to have some information on the CPA eligibility for the active ACCA members – which is Chartered Accountants, who are the equivalent to a UK Masters, according to the ACCA Letter of Equivalence and having four years of international experience as an accountant.”
Okay, so here's the deal, the AICPA and the ICAS and NASBA and everyone got together and they want to make it easier for people who have international accounting license and US accounting license to be able to go into each other's respective countries and jurisdictions and be able to work. So, so, here's the deal. This is kinda new.
If you are a Chartered Accountant, then you need to pass the IQEX exam, the International Qualification Exam, and you need to then have two years of post-qualification experience. If you are a Licensed CPA then you just need to get qualified through whatever process it is, you don't have another exam to take, and you can have two years of post-qualification working experience.
The easiest way to get all of the information that you need, go to NASBA.org and in the search bar type ACCA and that will give you all the info that you need.
NinjaClaude writes in, I have exactly 30 days left before I take the FAR, my first section and my studying is somewhat improving.
I'm feeling a little better, but I have a question about the exam itself. Is it true that they want a certain number of people to pass each time it is administered so they might actually curve the score down if too many people do well? I really want to get through this thing on my first try and any further nuggets or tidbits would be appreciated, especially the ones that would stop me from getting something like a 74. Okay. Is the CPA Exam Curved? I don't know.
That's been one of those conspiracy theories that have been around for as long as I have been in examland, which is over 10 years. So, you know, the, when you look at the pass rates they are, like for FAR, they're about 45, 47, 49 percent pretty much every time. Does the AICPA curve them through the psychometric formulas? I don't know. Does that impact how you study?
Not at all. And if you fail, does that give you license to blame the fact that you've been curved down? No. Because in any given exam section, 50% pass, 50% fail, give or take. And you just need to study really hard and you cannot control what outside variables are going against you, if at all, and I personally do not believe that they maintain a certain number, so.
You can only control what you can do. So you can only control whether or not you get up early in the morning, study at lunch, study late at night. You follow the Ninja Study Planner. So you're a Ninja so you have the Ninja Study Planner.
You can only control if you decide to study bonds for an hour versus watching Netflix for an hour, which turns into three or four hours and pretty soon it's 2:00 in the morning and you have to get up at 5:30 and oh wait, your not going to get up at 5:30 because you're too tired and you wanna sleep until 7:00 and you know, brush your teeth and jump in the car to go to work. So, you can only control your own life and your study processes. So, that's that. Now as far as how to study FAR, follow the Ninja Framework, use your Ninja Study Planner, and you'll be good to go.
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