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Changes to CPA Exam Effective July 2022

The purpose of this page is to describe the changes to the CPA exam that will be effective for candidates testing after July 2022. The good news is that the changes are minor and focus on reflecting the most recent changes in technical guidance. Overall, there have not been any topics added or deleted and the latest blueprints remain unchanged.

Summary of Changes by Section

AUD – The primary changes were to the format of the auditors report for examination and review engagements under SSAE standards. The AICPA released SSAE #21 and #22, which are effective for audit reports dated after June 15, 2022.

BEC – No changes were made.

FAR – The FASB released an ASU that provides further guidance on hedge accounting for company’s that have portfolios of hedging instruments. This additional guidance is very specific and the topic is already tested at a high-level. Therefore, no changes were made to the hedging material in the Universal course. The only other change relates to the renaming of the Comprehensive Annual Financial Report (“CAFR”) to Annual Comprehensive Financial Report (“ACFR”).

REG – The only minor edit is related to net operating losses (“NOLs’) to confirm with the current IRS guidance. Other edits will be made as necessary to align with revised thresholds and deductions that change annually with inflation.

For additional detail on how these changes impact each chapter/module by section, please visit the summary in the link below:


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