summary of january 2017 content updates - wiley el · best wishes and happy new year! to your...

Wiley CPAexcel®

Summary of January 2017 Content Updates

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Wiley CPAexcel® January 2017 Content Updates

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January 1, 2017

Dear Candidates and Partners,

The AICPA launches the “next” CPA Exam on April 1, 2017.

But, what’s new on January 1st? Not much, really.

This document provides a summary of what has changed.

There are a few pronouncements that are eligible for testing for the first time in January 2017 and mostly impact Financial Accounting and Reporting.

All Wiley CPAexcel content updates align with the AICPA Content Specification Outlines (CSOs) for testing effective January 1, 2017, and have already been integrated into your online course. There is no action required on your part.

Remember, we are your Partner Until You Pass with unlimited content and courseware updates until you pass the full exam. Contact us at anytime if you have questions or would like a guided walk-through of the updated course.

Best wishes and happy New Year!

To your success,

The Team at Wiley CPAexcel

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AICPA CSO Changes: None Pronouncement Changes: None

BEC | Business Environment and Concepts

Wiley Changes� Statement on Auditing Standards No. 130, “An Audit of Internal

Control Over Financial Reporting That Is Integrated With an Audit of Financial Statements.” SAS No. 130 will be eligible for testing on the CPA Exam in January, 2017. Candidates testing in 2017 will be responsible for being familiar with SAS No. 130. The Wiley CPAexcel materials included coverage of SAS No. 130.

� Statement on Auditing Standards No. 131, “Amendment to Statement on Auditing Standards No. 122 Section 700, Forming an Opinion and Reporting on Financial Statements.” This

pronouncement addresses a somewhat technical issue that is relevant to an audit that is conducted in accordance with the standards of the PCAOB when the audit is not actually under the jurisdiction of the PCAOB. Such a circumstance involves changing the language used (in a rather minor way) in the auditor’s report. The study materials dealing with the introduction of the auditor’s reporting language (for audits of nonissuers) shows how the auditor’s report would be changed to address such a circumstance.

AICPA CSO Changes: None Pronouncement Changes: SAS No. 130 and No. 131 eligible for testing January 1, 2017

AUD | Auditing and Attestation









REG | RegulationAICPA CSO Changes: None Pronouncement Changes:

� Removal of Dodd-Frank content

Eligible for testing in January 2017

Wiley ChangesFinancial Accounting

� FASB ASU 2015-11 | Simplifying the measurement of Inventory: Use of LC-NRV

� FASB ASU 2015-17 | Classification of deferred taxes

� FASB ASU 2016 05 and 06 | Derivatives and Hedging

� FASB ASU 2016-7 | Transition to equity method

� FASB ASU 2016-09 | Compensation - Stock Compensation

Not-for-Profit Organizations: No substantive changes

Governmental Organizations

� GASB Statement No. 80, “Blending Requirements for Certain Component Units”

FAR | Financial Accounting and ReportingAICPA CSO Changes: None Pronouncement Changes: *

� FASB ASU 2015-11

� FASB ASU 2015-17

� FASB ASU 2016-5

� FASB ASU 2016-6

� FASB ASU 2016-7

� FASB ASU 2016-9

� GASB Statement No. 80

Eligible for testing in January 2017

* Not all pronouncements will impact a "newly-licensed" CPA and are, therefore, not likely tested.




summary of january 2017 content updates - wiley el · best wishes and happy new year! to your...

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