Wiley CPAexcel april 2017 update

Wiley CPAexcel® Summary of April 2017 Content Updates efficientlearning.com/cpa Wiley CPAexcel® April 2017 Content Updates April 1, 2017 Dear CPA Candidates, The AICPA has replaced the Content Specification Outlines (CSOs) with Blueprints for the “next” CPA Exam, testable starting April 1, 2017 All Wiley CPAexcel content has been updated to reflect the changes in the AICPA Blueprint In addition, the content has been analyzed with respect to presentation and assessment to ensure that you are prepared to answer questions at the appropriate cognitive level The vast majority of changes are structural in nature The “next” CPA Exam will contain five testlets in each part of the exam (AUD, BEC, FAR and REG) The first two of these testlets contain multiple choice questions and the remaining three testlets contain task-based simulations and/or written communication tasks (BEC) The same adjustments have been made in the Wiley CPAexcel practice exams to provide you with an exam experience identical to what you will face on exam day To your success, The Team at Wiley CPAexcel Need to access your updated products? 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Free Trial Page Wiley CPAexcel® April 2017 Content Updates AUD | Auditing and Attestation Pronouncement Changes: None AICPA Blueprint Changes Additional Wiley CPAexcel Improvements • Content on blueprint reorganized to reflect organization of the clarified U.S Auditing Standards No impact on exam questions • Wiley CPAexcel has organized their content in a similar manner • Ethics requirements of the Government Accountability Office (GAO) has been updated • A section on the ethics rulings of the Public Company Accounting Oversight Board (PCAOB) has been added • Task-based simulations (TBSs) have been added BEC | Business Environment and Concepts Pronouncement Changes: None AICPA Blueprint Changes Content removed: Financial Management – Financial Transaction Processes & Controls Operations Management – Project Management Operations Management – Impact of Marketing Practices on Performance Wiley CPAexcel’s Response: We have removed this content for each topic Content reorganized: Strategic planning topics are now part of Corporate Governance (ERM), Economic Concepts and Analysis, Financial Management, and Operations Management Wiley CPAexcel’s Response: We have reorganized the strategic planning content accordingly Additional Wiley CPAexcel Improvements The following improvements have been made to improve your study experience and help ensure your mastery of the content: Corporate Governance: Expanded coverage of Sarbanes-Oxley’s corporate governance provisions Economic Concepts Several new topics have been added: • Derived demand • The effect of different stages of the business cycle on different business sectors and on economic measures • Personal consumption expenditure price index (PECPI) and purchase price index (PPI) Need to access your updated products? Log in • Margin requirements for stock purchases • “Dumping” of goods by foreign supplier The following topics have expanded content: • Economic revenue and cost concept • Economic profits vs normal profits • Firm strategy appropriate under different market structures • Bank interest rate concepts and their uses • Fiscal policy • Foreign exchange rates and related premiums/discounts • Foreign direct investment (FDI) • Generic strategy characteristics, achievement and related risks Financial Management A new lesson has been added: • Hedging and Derivatives Several new topics have been added: • Negative interest rates • Term structure of interest rates • Business combinations • Modified internal rate of return (MIRR) • Equivalent annual annuity approach to project ranking • Uncertainty in project evaluation • Supply chain management • Eurobonds A few topics have been expanded: • Time value of money concepts • Financing, leverage and business risk Task-based simulations (TBSs) have been added Committed to passing the exam in 2017? 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Free Trial Page Wiley CPAexcel® April 2017 Content Updates FAR | Financial Accounting and Reporting Pronouncement Changes: None AICPA Blueprint Changes Content removed: Conceptual Framework, Standard-Setting and Financial Reporting Topic Area: a Personal Financial Statements b Liquidation Basis Financial Statements Select Financial Statement Accounts Topic Area: a Join Ventures b Investment Property c Debt with Conversion Features d Deferred Compensation Arrangements Select Transactions Topic Area: Related Party Transactions (still assessed in AUD) Wiley CPAexcel’s Response: We have removed the above content accordingly Content reorganized: Nongovernmental, not-for-profit accounting content is now classified within Conceptual Framework, Standard-Setting and Financial Reporting, Select Financial Statement Accounts, and Select Transactions Assessment of differences between IFRS and U.S GAAP within the Select Transactions topic area Wiley CPAexcel’s Response: We have reorganized the FAR content accordingly Additional Wiley CPAexcel Improvements Several lessons have been streamlined and refreshed within the Select Transactions, Events, and Disclosures Topic Area, as follows: • IASB Accounting Standards (1 lesson) • Revenue Recognition (3 lessons) • Share-based Payments (3 lessons) • Income Taxes (8 lessons) • Financial Instruments (10 lessons) • Leases (8 lessons) Task-based simulations (TBSs) have been added REG | Regulation Pronouncement Changes: None AICPA Blueprint Changes Additional WileyCPAexcel Improvements Content removed: Ethics, Professional Responsibilities and Federal Tax Procedures Topic Area: AICPA Statements on Standards for Tax Services Business Law: a Documents of Title and Title Transfer b Negotiable Instruments Additional content removed: a Federal Tax Legislative Process b Dues Dates and Related Extensions of Time c Statute of Limitations d Earnings and Profits Wiley CPAexcel’s Response: We have removed the above content accordingly The following improvements have also been made: • Material on substantiation and disclosure of tax positions (to Federal Tax Procedures material) has been added • Material on taxpayer penalties (to Federal Tax Procedures material) has been added • Affordable Care Act material (to Government Regulation of Business section) has been added • Worker Classification material (to Government Regulation of Business section) has been added • The Federal Securities Regulation material has been updated • Business Structure material has been reorganized and updated • Task-based simulations (TBSs) have been added 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 .. .Wiley CPAexcel April 2017 Content Updates April 1, 2017 Dear CPA Candidates, The AICPA has replaced the Content Specification... Committed to passing the exam in 2017? Shop Products efficientlearning.com/cpa Want to take a free test drive? Free Trial Page Wiley CPAexcel April 2017 Content Updates AUD | Auditing and Attestation... Committed to passing the exam in 2017? Shop Products efficientlearning.com/cpa Want to take a free test drive? Free Trial Page Wiley CPAexcel April 2017 Content Updates FAR | Financial Accounting