July 2017 wiley CPAexcel content update

Summary of July 2017 Content Updates efficientlearning.com/cpa July 2017 Content Updates July 2017 Dear CPA Candidate, With the substantive changes to the structure of the AICPA Exam on April 1, 2017, the AICPA has not made additional changes to the blueprints or structure effective July 1, 2017 There are, however, noteworthy changes to the pronouncements that will impact the exam starting July 1, 2017 Specifically, in AUD, SSARS 22, 23, and SSAE 18 are now eligible for testing SSARS 22 is a revision of AR 120 and contains requirements for performance and reporting as well as application guidance to be used when performing a compilation engagement on pro forma financial information SSARS 23 is an amendment to the Clarified Accounting and Review Services Standards which expands, revises, and clarifies that content SSAE 18 is simply a re-draft of the attestation standards as well as an alignment of those standards with the international attestation standards In addition, there are updates to the Internal Revenue Code that will be eligible for testing in REG The AICPA has specifically called out the additional information required on tax returns related to mortgage interest (i.e Highway Trust Fund) and the increase in the medical expense deduction for individuals age 65 and older (i.e 2010 Health Care Act, as amended by the 2010 Health Care Reconciliation Act) Finally, the PATH Act has resulted in the expiration of a number of extender provisions In addition to making these technical content changes, we have made improvements by adding more difficult task-based simulations Wiley CPAexcel is completely up-to-date with all of the content you need to be successful on the CPA Exam Your Partner Until You Pass, The Team at Wiley CPAexcel Need to access your updated products? 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Free Trial Page July 2017 Content Updates AUD | Auditing and Attestation Changes and Improvements Pronouncement Changes ✓✓SSARS 22 –Compilation of Pro Forma Financial Information (AR-C 120) • Contains performance and reporting requirements and application guidance for accountants engaged to perform a compilation engagement on pro forma financial information • Revises AR 120 in clarified format Wiley CPAexcel Improvements • Revision of existing lessons to include all changes ✓✓SSARS 23 –Omnibus Statement on Standards for Accounting and Review Services -2016 • Amends various paragraphs in the Clarified Accounting and Review Services Standards to expand, revise, and clarify content Wiley CPAexcel Improvements • Revision of existing lessons to include all changes ✓✓SSAE No 18, Attestation Standards: Clarification and Recodification • Redraft of attestation standards and alignment with international standards Wiley CPAexcel Improvements • Six new lessons added: • AUD > Forming Conclusions and Reporting > Other Professional Services > Attestation Standards Common Concepts • AUD > Forming Conclusions and Reporting > Other Professional Services > Examination Engagements • AUD > Forming Conclusions and Reporting > Other Professional Services > Examination Reports • AUD > Forming Conclusions and Reporting > Other Professional Services > Review Engagements • AUD > Forming Conclusions and Reporting > Other Professional Services > Review Reports AUD > Forming Conclusions and Reporting > Other Professional Services > Agreed-Upon Procedures Engagements Other Changes Additional Wiley CPAexcel Improvements ✓✓Retitling of lessons for clarification in table of contents: Old Lesson Title followed by New Lesson Title • Old: Internal Control Concepts 1/New: Obtaining an Understanding of Internal Control • Old: Internal Control Concepts 2/New: Evaluating Internal Control • Old: Internal Control Standards 1/New: Assessing Control Risk Under AICPA Standards • Old: Internal Control Standards 2/New: Performing Procedures in Response to Assessed Risks • Old: Nature of Evidence 1/New: The Nature of Audit Evidence • Old: Nature of Evidence 2/New: Assertions and Types of Audit Procedures • Old: Attestation Standards/New: Introduction to Attestation Standards Need to access your updated products? Log in Committed to passing the exam in 2017? Shop Products efficientlearning.com/cpa Want to take a free test drive? Free Trial Page July 2017 Content Updates AUD | Auditing and Attestation Changes and Improvements • Old: Financial Forecasts and Projections/New: Prospective Information ✓✓ Addition of 12 new task-based simulations, of which are document review simulations ✓✓ Correction of all errata ✓✓ Deletion of the following lessons - presentation of this content is appropriately covered in other lessons: • AUD > Forming Conclusions and Reporting > Other Professional Services >Reporting on Internal Control in an Integrated Audit Need to access your updated products? Log in Committed to passing the exam in 2017? Shop Products efficientlearning.com/cpa Want to take a free test drive? Free Trial Page July 2017 Content Updates BEC | Business Environment and Concepts Changes and Improvements AICPA Blueprint Changes • None Pronouncement Changes • None Other Changes Additional Wiley CPAexcel Improvements ✓✓ ✓✓ ✓✓ Addition of 10 new task-based simulations, of which document review simulation Addition of 10 written communication tasks Addition of flashcards, lesson assessment questions, session assessment questions to many lessons ✓✓ Correction of all errata Need to access your updated products? Log in Committed to passing the exam in 2017? Shop Products efficientlearning.com/cpa Want to take a free test drive? Free Trial Page July 2017 Content Updates FAR | Financial Accounting and Reporting Changes and Improvements AICPA Blueprint Changes • None Pronouncement Changes • None Other Changes Wiley CPAexcel Improvements ✓✓ Revisions, including new videos, for the following lessons: • FAR > Conceptual Framework and Financial Reporting > Financial Accounting Standards Board (FASB) > Fair Value Framework Introduction and Definitions • FAR > Conceptual Framework and Financial Reporting > Financial Accounting Standards Board (FASB) > Recognition and Measurement • FAR > Conceptual Framework and Financial Reporting > Financial Accounting Standards Board (FASB) > Inputs and Hierarchy • FAR > Conceptual Framework and Financial Reporting > Financial Accounting Standards Board (FASB) > Disclosure Requirements • FAR > Select Transactions > Business Combinations > Introduction to Business Combinations • FAR > Select Transactions > Business Combinations > Acquisition Method of Accounting > Introduction to Acquisition Method of Accounting • FAR > Select Transactions > Business Combinations > Acquisition Method of Accounting > Determining the Cost of the Business Acquired • FAR > Select Transactions > Business Combinations > Acquisition Method of Accounting > Recognizing/Measuring Assets, Need to access your updated products? 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Free Trial Page July 2017 Content Updates REG | Regulation Changes and Improvements AICPA Blueprint Changes • None Pronouncement Changes ✓✓Highway Trust Fund: Additional Information on Returns related to Mortgage Interest For returns and statements due after 12/31/16, statements are required to report the outstanding principal on the mortgage at the beginning of the year, the address of the property securing the mortgage, and the mortgage origination date Other Changes Wiley CPAexcel Improvements ✓✓2010 Health Care Act, as amended by the 2010 Health Care Reconciliation Act Medical expense deduction floor for individuals age 65 and older increases to 10 percent Other Changes Wiley CPAexcel Improvements ✓✓PATH Act: Extender Provisions Expiring • A Tax Relief for Families and Individuals Expired 12/31/16: • Exclusion from gross income of discharge of qualified principal residence indebtedness • Premiums for mortgage insurance deductible as qualified residence interest • Above-the-line deduction for qualified tuition and related expenses • B Incentives for Growth, Jobs, Investment, and Innovation • Indian employment tax credit • Railroad track maintenance credit • Mine rescue team training credit • Qualified zone academy bonds • Classification of certain race horses as 3-year property • Seven-year recovery period for motorsports entertainment complexes • Accelerated depreciation for business property on an Indian reservation • Temporary increase in limit on cover over rum excise taxes to Puerto Rico and Virgin Islands • Election to expense mine safety equipment • 10 Special expensing rules for certain film, TV, and live theatrical productions • 11 Deduction allowable with respect to income attributable to domestic production activities in Puerto Rico • 12 Empowerment zone tax incentives Need to access your updated products? 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Free Trial Page July 2017 Content Updates REG | Regulation Changes and Improvements, Cont • 13 American Samoa economic development credit • C Incentives for Energy Production and Conservation • Credit for certain nonbusiness energy property • Credit for alternative fuel vehicle refueling property • Credit for two-wheeled plug-in electric vehicles • Credit for second generation biofuel producer • Credit for construction of new energy efficient homes • Energy efficient commercial buildings deduction • Excise tax credits relating to alternative fuels • Incentives for biodiesel and renewable diesel • Production credit for Indian coal facilities • 10 Credits with respect to facilities producing energy from certain renewable resources • 11 Special allowance for second generation biofuel plant property • 12 Special rule for sales or dispositions to implement FERC or State electric restructuring policy for qualified electric utilities Other Changes Wiley CPAexcel Improvements ✓✓ PATH Act content has been removed from the curriculum Need to access your updated products? Log in Committed to passing the exam in 2017? Shop Products efficientlearning.com/cpa Want to take a free test drive? Free Trial Page .. .July 2017 Content Updates July 2017 Dear CPA Candidate, With the substantive changes to the structure of the AICPA Exam on April 1, 2017, the AICPA has not made additional... access your updated products? Log in Committed to passing the exam in 2017? Shop Products efficientlearning.com/cpa Want to take a free test drive? Free Trial Page July 2017 Content Updates AUD... access your updated products? Log in Committed to passing the exam in 2017? Shop Products efficientlearning.com/cpa Want to take a free test drive? Free Trial Page July 2017 Content Updates BEC