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:
Back To All Questions
You might also be interested in...
-
CECL Excel Workbook
If you would like to use the Excel workbook that was used to create the Universal CPA lecture on CECL for debt securities, please click the link below to download the Excel workbook: CECL Calculation workbook (Universal CPA Review)
-
Journal Entry for Direct Materials Variance
Journal Entry for Direct Materials Variance In the current year, Mission Burrito budgeted 6,000 pounds of production and actually used 4,000 pounds. Material cost was budgeted for $5 per pound and the actual cost was $8 per pound. What would the debit or credit to the direct material efficiency variance account be for the current...
-
Understanding Variance Analysis
Variance Analysis Variance analysis is a method for companies to compare its actual performance vs its budgeted amount for that cost measurement (related to the flexible budget). The differences between the standard (budgeted) amount of cost and the actual amount that the organization incurs is referred to as a variance. By analyzing variances, the company...
CECL Excel Workbook
If you would like to use the Excel workbook that was used to create the Universal CPA lecture on CECL for debt securities, please click the link below to download the Excel workbook: CECL Calculation workbook (Universal CPA Review)
Journal Entry for Direct Materials Variance
Journal Entry for Direct Materials Variance In the current year, Mission Burrito budgeted 6,000 pounds of production and actually used 4,000 pounds. Material cost was budgeted for $5 per pound and the actual cost was $8 per pound. What would the debit or credit to the direct material efficiency variance account be for the current...
Understanding Variance Analysis
Variance Analysis Variance analysis is a method for companies to compare its actual performance vs its budgeted amount for that cost measurement (related to the flexible budget). The differences between the standard (budgeted) amount of cost and the actual amount that the organization incurs is referred to as a variance. By analyzing variances, the company...
