Preparing Your Students for the Next CPA Exam · • Create a syllabus using the exam planner • Flip the classroom – Have students complete the assignments on the exam planner

Preparing Your Students for the Next CPA Exam

Introductions

• Denise ProbertCPA, CGMAWiley Director of Curriculum,Accounting Test Prep

• Julie SnowWiley CPAexcel Product Support

Agenda

• AICPA April 1, 2017 Uniform CPA Exam changes• Wiley CPAexcel response– Product changes– Content changes– New product launch dates

• Impact on your classroom and your students• Suggestions for implementation of next Wiley

CPAexcel product• Open discussion

Higher-Order Cognitive SkillsThe Next CPA Exam

Evaluation

Analysis

Application

Remembering and Understanding

Current Exam Focus

Next Exam Focus

Higher-Order Cognitive Skills

SKILL LEVELS

Evaluation The examination or assessment of problems, and use of judgment to draw conclusions.

Analysis The examinationand study of the interrelationships of separate areas in order to identify causes and find evidence to support inferences.

Application The use or demonstration of knowledge, concepts or techniques.

Remembering and understanding

The perception and comprehension of the significance of an area utilizing knowledge gained.

Source: AICPA Next Exam Structure – White Paper

Reallocation of Higher-Order Cognitive SkillsSection Remembering and

UnderstandingApplication Analysis Evaluation

Current ExamALL 50% 50% N/A N/A

Proposed ExamAUD 30%-‐40% 30%-‐40% 15%-‐25% 5%-‐15%

BEC 15%-‐25% 50%-‐60% 20%-‐30% N/A

FAR 10%-‐20% 50%-‐60% 25%-‐35% N/A

REG 25%-‐35% 35%-‐45% 25%-‐35% N/A

FAR, AUD, and REG Exam Score Weighting Comparison

60%

40%

MCQs

TBSs

Current Exam

50%50%

MCQs

TBSs

Next Exam

BEC Exam Score Weighting Comparison

85%

15%

MCQs

WCs

Current Exam

50%

35%

15%

MCQsTBSsWCs

Next Exam

Next Exam Structure


Next AUD Exam Structure


36 MCQs 36 MCQs 2 TBSs 4 TBSs 3 TBSs

Reallocation of AUD Content

Current AUD Exam Next AUD Exam

I. Engagement Acceptance and Understanding the Assignment

12% -‐ 16% I. Ethics, Professional Responsibilities and General Principles

15% -‐ 25%

II. Understanding the Entity and Its Environment (including Internal Control)

16% -‐ 20% II. Assessing Risk and Developing a Planned Response

20% -‐ 30%

III. Performing Audit Procedures and Evaluating Evidence

16% -‐ 20% III. Performing Further Procedures and Obtaining Evidence

30% -‐ 40%

IV. Evaluating Audit Findings, Communications, and Reporting

15% -‐ 19% IV. Forming Conclusions and Reporting

15% -‐ 25%

V. Accounting and Review Services Engagements

12% -‐ 16%

VI. Professional Responsibilities 16% -‐ 20%

Next BEC Exam Structure


31 MCQs 31 MCQs 2 TBSs 3 TBSs 3 WRs

Reallocation of BEC Content

Current BEC Exam Next BEC Exam

I. Corporate Governance 16% -‐ 20% I. Corporate Governance 17% -‐ 27%

II. Economic Concepts and Analysis

16% -‐ 20% II. Economic Concepts and Analysis

17% -‐ 27%

III. Financial Management 19% -‐ 23% III. Financial Management 11% -‐ 21%

IV. Information Systems and Communications

15% -‐ 19% IV. Information Technology 15% -‐ 25%

V. Strategic Planning 10% -‐ 14% V. Operations Management 15% -‐ 25%

VI. Operations Management 12% -‐ 16%

Next FAR Exam Structure



Reallocation of FAR Content

Current FAR Exam Next FAR Exam

I. Conceptual Framework, Standards, Standard Setting, and Presentation of Financial Statements

17% -‐ 23% I. Conceptual Framework, Standard Setting, and Financial Reporting

25% -‐ 35%

II. Financial Statement Accounts:Recognition, Measurement, Valuation, Calculation, Presentation, and Disclosures

27% -‐ 33% II. Select Financial Statement Accounts

30% -‐ 40%

III. Specific Transactions, Events and Disclosures: Recognition, Measurement, Valuation, Calculation, Presentation, and Disclosures

27% -‐ 33% III. Select Transactions 20% -‐ 30%

IV. Governmental Accounting and Reporting

8% -‐ 12% IV. State and Local Governments

5% -‐ 15%

V. Not-‐for-‐Profit (Nongovernmental) Accounting and Reporting

8% -‐ 12%

Next REG Exam Structure



Reallocation of REG Content

Current REG Exam Next REG Exam

I. Ethics, Professional and Legal Responsibilities

15% -‐ 19% I. Ethics, Professional Responsibilities and Federal Tax Procedures

10% -‐ 20%

I. Business Law 17% -‐ 21% II. Business Law 10% -‐ 20%

III. Federal Tax Process,Procedures, Accounting and Planning

11% -‐ 15% III. Federal Taxation of Property Transactions

12% -‐ 22%

IV. Federal Taxation of Property Transactions

12% -‐ 16% IV. Federal Taxation of Individuals 15% -‐ 25%

V. Federal Taxation of Individuals

13% -‐ 19% V. Federal Taxation of Entities 28% -‐ 38%

VI. Federal Taxation of Entities 18% -‐ 24%

Wiley’s Response - 2017

• Product changes– Merger of Wiley CPA Review Study Guides

• Content changes– Focus on higher-order cognitive skills– Table of contents

• New product launch dates– Mid January

Impact on Your Classroom and Your Students

• If currently a Wiley CPA Review Study Guide and Test Bank user?– New Study Guide • Next exam curriculum• Lesson approach

– Test Bank is still available– New organization around AICPA’s next exam

• If currently a Wiley CPAexcel Course user?– New Study Guide• Next exam curriculum

– New organization around AICPA’s next exam

Suggestions for Implementation of “Next” Wiley CPAexcel Product

• Create a syllabus using the exam planner• Flip the classroom– Have students complete the assignments on the exam

planner in preparation for the next class• Watch lesson videos• Read study text• Complete assessments

– Focus in-class time on building higher-order cognitive skills• Present more complicated concepts • Work more complicated problems

Open Discussion

Thank you for attending!

Documents

Preparing Your Students for the Next CPA Exam · • Create a syllabus using the exam planner • Flip the classroom – Have students complete the assignments on the exam planner