If you've switched on the television any time over the past couple months, you might notice that taxes are on the minds of millions of Americans. Tax changes, the fiscal cliff, what does all this mean for you, dear CPA Exam candidate? Never fear, Roger CPA Review is here - to answer all of your nitty gritty questions regarding the CPA Exam in 2013!
Question: "I'm sitting for REG in April of 2013. Will I have to know all of the new tax changes already?"
Answer: No! Per the AICPA’s policy on New Pronouncements affecting the CPA Exam, new tax law changes recently enacted
will be included in the exam six months after the effective date. This means that the recent tax changes will begin to show up on the CPA Exam starting July 1, 2013. And when the time comes, Roger CPA Review will provide all updates to the textbook and course materials via the Student Account so you will always be prepared to
successfully pass the CPA Exam.
Here's what the AICPA has to say about Accounting and Auditing Pronouncements:
Accounting and auditing pronouncements are eligible to be tested on the Uniform CPA Examination in the testing window beginning six months after a pronouncement's effective date, unless early application is permitted. When early application is permitted, the new pronouncement is eligible to be tested in the window beginning six months after the issuance date. In this case, both the old and new pronouncements may be tested until the old pronouncement is superseded.
For the federal taxation area, the Internal Revenue Code and federal tax regulations in effect six months before the beginning of the current window may be tested.
For all other subjects covered in the Regulation (REG) and Business Environment and Concepts (BEC) sections, materials eligible to be tested include federal laws in the window beginning six months after their effective date, and uniform acts in the window beginning one year after their adoption by a simple majority of the jurisdictions.
Were you worried about the recent tax changes? Do you have any other questions regarding this topic? Leave a comment below, and we will answer as soon as possible!