Which Parts of the CPA Exam are changing the most in July 2021? Is it getting easier, harder? Which CPA Exam Should You Take Right Now? All 4 Parts (FAR, Audit, BEC, and REG) are being updated by the AICPA and NASBA so what do you need to know in the new Blueprint?
What’s Not Changing? The CPA Exam will retain its four traditional sections, AUD, BEC, FAR and REG. The 4-hour time limit per section and the number of testlets and questions in each section has not changed.
FAR and REG appear to be getting significantly easier and AUD and BEC appear to be getting a little harder.
FAR Window
Darius says to take advantage of FAR between July 1, 2021 and January 1, 2022 since nothing is being added between these times.
What topics are being added to FAR in July, 2021?
Nothing!
REG Window
Estates and trusts are getting eliminated, look for multi jurisdictional tax to get more playing time on the exam.
Federal Securities Laws are getting eliminated, look for ethics questions on accountants’ legal liability.
Alternative minimum tax is getting eliminated, look for QBI to get more playing time.
Tax exempt organizations-Obtaining and maintaining tax exempt status is being removed-Unrelated business income.
What is being added to REG? Nothing!
Since nothing new is being added to REG, take REG between July 1, 2021, and January 1, 2022 when any new meaningful changes will be added.
BEC and Audit are getting harder?
New BEC Topics coming in July
Business Processes including SOC Reports.
Data Management and Data Analytics
Change Management
Data Analytics
Audit Changes in July 2021
Data Analytics
SOC 1 and SOC 2 Reports