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Holiday Inn Harbourside Holiday Inn Harbourside •• Indian Rocks Beach, Florida Indian Rocks Beach, Florida
Irvin N. GleimIrvin N. GleimOctober 8, 2004October 8, 2004
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CPA Exam UpdateCPA Exam Update
• Computerized Exam is HereComputerized Exam is Here• Participation is DownParticipation is Down• Pass Rates Are Up Pass Rates Are Up 45% 45%• Simulations for BEC and LAWSimulations for BEC and LAW• CMA Exam RevisedCMA Exam Revised• CIA Exam ChangesCIA Exam Changes• Careers in AccountingCareers in Accounting• CPA Review System for SuccessCPA Review System for Success
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Exam BreakdownExam Breakdown
FINFIN 90 m/c90 m/c 2 sim2 sim 4.0 hrs.4.0 hrs.
AUDAUD 90 m/c90 m/c 2 sim2 sim 4.5 hrs.4.5 hrs.
REGREG 72 m/c72 m/c 2 sim2 sim 3.0 hrs.3.0 hrs.
BECBEC 90 m/c90 m/c n/an/a 2.5 hrs.2.5 hrs.
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Auditing and AttestationAuditing and Attestation 4.5 hours4.5 hours
Financial (80% Fin., 20% Gov.)Financial (80% Fin., 20% Gov.) 4.0 hours4.0 hours
Regulation (40% Law, 60% Tax)Regulation (40% Law, 60% Tax) 3.0 hours3.0 hours
Business EnvironmentBusiness Environment 2.5 hours2.5 hours
Exam SectionsExam Sections
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FIN 4.5 to 4.0 hours adds 30% FIN 4.5 to 4.0 hours adds 30% of ARE (4.5 hours)of ARE (4.5 hours)
REG 3.0 hours consists of 60% REG 3.0 hours consists of 60% of 4.5 hours AREof 4.5 hours ARE
and 100% of 3 hours of LAWand 100% of 3 hours of LAW
Exam DetailsExam Details
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• Business structure Business structure (20%)(20%)
• Economic concepts Economic concepts (10%)(10%)
• Financial management Financial management (20%)(20%)
• Information technology (IT) Information technology (IT) (25%)(25%)
• Planning and measurement Planning and measurement (25%)(25%)
Business Environment & Business Environment & Concept (BEC)Concept (BEC)
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• DirectionsDirections• SituationSituation• Check the boxCheck the box• Drop down boxesDrop down boxes• Fill-in spreadsheet with formulasFill-in spreadsheet with formulas• CommunicationCommunication• ResearchResearch
Tab SimulationTab Simulation
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ParticipationParticipation
Pre 2004Pre 2004
140,000140,000++ 108,000 parts 108,000 parts
320,000 320,000 340,000 parts 340,000 parts
20042004
Window 1 Window 1 –– 23,000 parts 23,000 parts
Window 2 Window 2 –– 40,000 parts 40,000 parts
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• Computer freezes or locks upComputer freezes or locks up• Candidates do not have Candidates do not have 22 IDs or NTS IDs or NTS• Copy & paste function for researchCopy & paste function for research• Small issues become exam breakersSmall issues become exam breakers• CPA ForumCPA Forum
IssuesIssues
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CMA Exam:CMA Exam:Current vs. ReorganizedCurrent vs. Reorganized
1.1. Economics, Finance & Economics, Finance & ManagementManagement
2.2. Financial Reporting Financial Reporting AnalysisAnalysis
3.3. Management Reporting, Management Reporting, Analysis & Behavioral Analysis & Behavioral IssuesIssues
4.4. Decision Analysis, Decision Analysis, Information Systems & Information Systems & Management ControlsManagement Controls
1.1. Business Analysis Business Analysis Management
2.2. Management Management Accounting &
3.3. Strategic Management Strategic Management Strategic Management Strategic Management
4.4. Business ApplicationsBusiness Applications Information Systems & Management Controls
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CIA ExamCIA Exam
• 80 – 125 questions80 – 125 questions• Still paper and pencilStill paper and pencil• High growthHigh growth
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CIA ExamCIA Exam
• Internal Audit RoleInternal Audit Role• Internal Audit EngagementInternal Audit Engagement• Business Analysis & Business Analysis &
Information TechnologyInformation Technology• Business Management SkillsBusiness Management Skills
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• FASB overviewFASB overview
• SFAS 141 - 150SFAS 141 - 150
• PCAOB / SEC / SOXPCAOB / SEC / SOX
• EFATEFAT
Overview of Recent Accounting, Overview of Recent Accounting, Authoritative Pronouncements, and Authoritative Pronouncements, and
How They Affect Teaching How They Affect Teaching Introductory and Intermediate Introductory and Intermediate
Financial AccountingFinancial Accounting
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FASB Due ProcessFASB Due Process
• 7 Members, Majority rule7 Members, Majority rule• Task force & Technical staffTask force & Technical staff• Discussion MemorandumDiscussion Memorandum• Public hearingPublic hearing• Public responsePublic response• Board votes on Final StatementBoard votes on Final Statement
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144144Accounting for the Accounting for the
Impairment or Disposal of Impairment or Disposal of Long-Lived AssetsLong-Lived Assets
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145145Rescission ofRescission of
FASB Statements No. 4, 44,FASB Statements No. 4, 44,and 64, Amendment ofand 64, Amendment of
FASB Statement No. 13, and FASB Statement No. 13, and Technical CorrectionsTechnical Corrections
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146146Accounting forAccounting for
Costs Associated with ExitCosts Associated with Exitor Disposal Activitiesor Disposal Activities
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147147Acquisitions ofAcquisitions of
Certain Financial Institution-Certain Financial Institution-an amendment ofan amendment of
FASB Statements No. 72 andFASB Statements No. 72 and144 and FASB144 and FASB
Interpretation No. 9Interpretation No. 9
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148148Accounting forAccounting for
Stock-Based Compensation-Stock-Based Compensation-Transition andTransition and
Disclosure- an amendmentDisclosure- an amendmentof FASB Statementof FASB Statement
No. 123No. 123
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149149AmendmentAmendment
of Statement 133 onof Statement 133 onDerivative Instruments and Derivative Instruments and
Hedging ActivitiesHedging Activities
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150150Accounting forAccounting for
Certain Financial InstrumentsCertain Financial Instrumentswith Characteristicswith Characteristics
of bothof bothLiabilities and EquityLiabilities and Equity
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132 Revised132 RevisedEmployers’ DisclosureEmployers’ Disclosure
about Pensionsabout Pensionsand Other Post-retirementand Other Post-retirement
Benefits- anBenefits- anamendment of FASBamendment of FASB
Statements No. 87,Statements No. 87,88, and 10688, and 106
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Interpretation 46 RevisedInterpretation 46 RevisedConsolidation ofConsolidation of
Variable Interest Entities-Variable Interest Entities-an interpretation ofan interpretation of
ARB No. 51ARB No. 51
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• 10 – 15 Minute Audio Visual10 – 15 Minute Audio Visual
• 10 True / False Study Questions10 True / False Study Questions
• Easy Study SheetEasy Study Sheet
• 10 Multiple Choice Question Quiz10 Multiple Choice Question Quiz
• 1 – 3 Review Exercises1 – 3 Review Exercises
E.F.A.T.E.F.A.T.Elementary Financial Accounting TutorialElementary Financial Accounting Tutorial
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