Major changes will come to the CPA exam in 2011.

The CPA exam will be transformed on January 1, 2011; the changes are numerous and significant.
This new CPA exam will include the following general changes:

• New content and Skill Specification including International Financial Reporting Standards.
• New question formats including short task-based simulations.
• New research functionality that includes the FASB Codifaction.
• New exam structure and section time allocations.
• Changes in the percentage value of examination components.

Business Environment & Concepts Changes

• The number of multiple choice questions will be decreased from 90 to 72.
• 3 written communication tasks will be introduced.
• Exam time will increase 30 minutes.
• Includes new non-accounting topics such as strategic planning and operations management.

Financial Accounting & Reporting Changes

• Remove 2 simulations and replace with 7 task-based simulations.
• 40% of overall score will be from simulations.
• Includes International Financial Reporting Standards.

Auditing & Attestation Changes

• Remove 2 simulations and replace with 7 task-based simulations.
• Exam time will decrease 30 minutes.
• New research task format will be introduced.
• Includes coverage of International Standards on auditing and Professional Responsibilities.

Regulation Changes

• Remove 2 simulations and replace with 6 task-based simulations.
• Coverage on Business Structures will move from BEC to REG.

If you plan to sit for any parts of the CPA exam – it is advised that you complete all in 2010 before the major changes take place.
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