AICPA releases updated CPA exam blueprints

The American Institute of CPAs released the latest Uniform CPA Examination Blueprints on Wednesday, providing the official document of content that will be eligible for assessment on the exam in 2024, at the same time as the State of Illinois separately ushered in its own changes for this year.

The blueprints outline the knowledge and skills, including technology skills, that will be required of newly licensed CPAs, under the licensure model that is evolving through the AICPA and National Association of State Boards of Accountancy's joint CPA Evolution initiative. The new model is set to launch in 2024.

"The CPA exam has evolved to align with a digital-driven marketplace, and that means a greater emphasis on technology and analytical skills," said Susan Coffey, CEO of public accounting at the AICPA, in a statement Wednesday. "Through CPA Evolution, new exam candidates will gain the skills and competencies they need to better meet the public's, clients' and employers' needs. Candidates will also have the flexibility to choose their preferred area of focus within the multitude of career paths available in the profession."

AICPA building in Durham, N.C.

Under the CPA Evolution licensure model, all candidates will be required to take three core sections: Financial Accounting and Reporting, Auditing and Attestation, and Taxation and Regulation. Then, each candidate will choose a discipline in which to demonstrate additional knowledge: Business Analysis and Reporting, Information Systems and Controls, and Tax Compliance and Planning. Regardless of a candidate's chosen discipline, this model leads to full CPA licensure.

Given the importance of emerging technology in the accounting profession, the exam will put greater focus on data and technology concepts in all core and discipline exam sections.

Other new content is mainly in the ISC and TCP discipline exam sections. IT infrastructure, platforms and services; security, confidentiality and privacy; and considerations for system and organization controls engagements are contained in the ISC discipline exam section. Personal financial planning and tax planning will be assessed in the TCP discipline exam section.

The blueprints come from the AICPA's practice analysis research to align the CPA exam to the CPA Evolution initiative and are included in its final report. The practice analysis collected input from a wide array of stakeholders — ranging from individual CPAs to boards of accountancy, public accounting firms, individuals working in business and industry, government, and academia.

"The CPA Evolution-aligned exam will ensure that candidates possess the knowledge required for the profession now and in the future," said Colleen Conrad, executive vice president and COO of NASBA, in a statement. "For current candidates, we developed a transition policy to allow them to seamlessly continue their CPA exam journey from where they are when we transition to the 2024 CPA exam." 

Access to the full transition policy and related webcast recordings and FAQs are available on NASBA's website. Candidates should note that the last day of testing for all current CPA exam sections is expected to be Dec. 15, 2023. The CPA Evolution-aligned exam will launch in January 2024. For more information, view the CPA Exam transition FAQs or email feedback@evolutionofcpa.org.

Illinois CPA changes

Separately, the Illinois CPA Society announced Wednesday that effective Jan. 1, 2023, prospective CPAs in Illinois will only need to present proof of having 120 eligible semester credit hours, versus 150, and a baccalaureate degree to apply to sit for the CPA exam. Individuals passing the exam will still need 150 semester credit hours to become licensed, however.

The society advocated alongside the Illinois Board of Examiners to decrease the credit-hour requirement for testing eligibility. In 2021, the Illinois House and Senate unanimously passed ICPAS-sponsored legislation to amend the Illinois Public Accounting Act to allow the change. The ICPAS hopes that requiring fewer credit hours to initially sit for the exam will help make becoming a CPA both more appealing and accessible to a broader candidate pool.

"Earning the CPA credential is one of the most notable ways to establish your professional identity and exhibit a high level of competence in the accounting and finance profession," said ICPAS president and CEO Todd Shapiro in a statement. "Yet, despite strong market demand for the specialized services CPAs are entrusted to provide, we've been witnessing a nationwide decline in new CPAs. It's our hope that this rule change will help alleviate some of the time and financial barriers associated with becoming a CPA and, ultimately, strengthen the CPA pipeline."

Individuals who plan to sit for the CPA exam can submit their credentials evaluation application on the IBOE website at www.ilboe.org once they have earned 120 semester credit hours (including 24 hours in accounting with at least one course in audit and one course in tax, a minimum of 12 hours of business courses, and a baccalaureate degree). Provisional approval will be available for students completing the educational requirements in the final term in which they receive a degree.

The ICPAS FAQ on preparing to take the CPA exam is available at www.icpas.org/cpaexam-faq.

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