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Preparing Your Students for the Next CPA Exam
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Introductions
• Denise ProbertCPA, CGMAWiley Director of Curriculum,Accounting Test Prep
• Julie SnowWiley CPAexcel Product Support
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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
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Higher-Order Cognitive SkillsThe Next CPA Exam
Evaluation
Analysis
Application
Remembering and Understanding
Current Exam Focus
Next Exam Focus
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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
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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
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FAR, AUD, and REG Exam Score Weighting Comparison
60%
40%
MCQs
TBSs
Current Exam
50%50%
MCQs
TBSs
Next Exam
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BEC Exam Score Weighting Comparison
85%
15%
MCQs
WCs
Current Exam
50%
35%
15%
MCQsTBSsWCs
Next Exam
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Next Exam Structure
Source: AICPA Next Exam Structure – White Paper
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Next AUD Exam Structure
Source: AICPA Next Exam Structure – White Paper
36 MCQs 36 MCQs 2 TBSs 4 TBSs 3 TBSs
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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%
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Next BEC Exam Structure
Source: AICPA Next Exam Structure – White Paper
31 MCQs 31 MCQs 2 TBSs 3 TBSs 3 WRs
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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%
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Next FAR Exam Structure
Source: AICPA Next Exam Structure – White Paper
33 MCQs 33 MCQs 2 TBSs 4 TBSs 3 TBSs
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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%
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Next REG Exam Structure
Source: AICPA Next Exam Structure – White Paper
38 MCQs 38 MCQs 2 TBSs 4 TBSs 3 TBSs
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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%
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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
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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
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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
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Open Discussion
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Thank you for attending!