Summary of July 2018 Content Updates

Transcription

1 Summary of July 2018 Content Updates

2 July 2018 Hello Future CPAs, With a new exam interface and significant test-taking improvements rolled out in April 2018, you can look forward to your next exam experience to be the best yet. While there are minimal content and blueprint changes taking effect in July, we wanted to take this opportunity to show you where Wiley CPAexcel has changed both to address technical amendments to the exam, and to create an even better review experience for you. Beginning July 1, 2018, you can expect to be tested on the following new pronouncements: AUD AICPA Statement on Auditing Standards (SAS) 133, Auditor Involvement with Exempt Offering Documents PCAOB Auditing Standards (AS) 3101, The Auditor s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion REG Annual tax changes (not including the Tax Cuts and Jobs Act) Top of mind for test-takers who are yet to sit for REG is how the Tax Cuts and Jobs Act (TCJA) will affect the test. The TCJA is not eligible for testing until January 1, Given this, we provide a brand-new lesson that not only walks through the changes, but also helps you determine whether to take the test before January 1, 2019, or take it after the new tax law is eligible for testing. In addition to addressing these technical content changes, Wiley CPAexcel continues to provide an exam-like experience with software that aligns to the new, redesigned CPA Exam. With this release, we have new, updated videos, more questions, more flashcards, and more lesson assessments. And with Bite-Sized lessons to succinctly and clearly explain complex concepts, Wiley CPAexcel is the most complete and comprehensive CPA review program available. You can feel confident in your Wiley CPAexcel materials to help you be successful on the CPA Exam. Your Partner Until You Pass, The Team at Wiley CPAexcel Page 2

3 AUD Auditing and Attestation AUD Blueprint changes resulted from standard-setting and editorial updates to clarify and provide consistency in the Blueprint. AICPA Code of Professional Conduct: New interpretation Hosting Services (ET sec ) under the Independence Rule (ET sec ) The following lesson reflects the above pronouncement change: AUD > Ethics, Professional Responsibilities, and General Principles > Nonaudit Services > Specific Services SAS 133 Auditor Involvement with Exempt Offering Documents (AU-C 945): Addresses the auditor s responsibilities regarding security offerings exempt from registration under the Securities Act of 1933 and franchise offerings regulated by the FTC or other franchise laws The following lesson reflects the above pronouncement change: AUD > Performing Further Procedures and Obtaining Evidence > Audit Evidence: Specific Audit Areas > Investments in Securities and Derivative Instruments PCAOB AS 3101 The Auditor s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion: Revisions to auditor s report to require disclosure of auditor tenure (the year in which the auditor began serving consecutively as the company s auditor) as well as other changes such as addressing the auditor s report to the shareholders and board of directors, standardizing the auditor s report, disclosing that the auditor is required to be independent, as well as adding the phrase whether due to error or fraud, in auditor s responsibility. The following lesson reflects the above pronouncement change: AUD > Forming Conclusions and Reporting > Audit Reports > PCAOB on Audit Reports Note: PCAOB AS 3101 also requires communication of critical audit matters in the audit report that relate to accounts or disclosures that are material to the financial statements and involved especially challenging, subjective, or complex auditor judgment, however this is not eligible for testing until July of New multiple-choice questions and task-based simulations Page 3

4 BEC Business Environment and Concepts BEC Blueprint changes resulted from standard-setting, revisions to add more detail, and editorial updates to clarify and provide consistency in the Blueprint. Such AICPA Blueprint revisions are to reflect the updated COSO ERM framework, which was eligible for testing as of April 2, None. Note: Beginning April 2, 2018, the updated COSO ERM framework became eligible for testing. Other Changes The following lessons cover the updated COSO ERM framework: BEC > Corporate Governance > Enterprise Risk Management Frameworks > Introduction to COSO Enterprise Risk Management: Strategy and Risk BEC > Corporate Governance > Enterprise Risk Management Frameworks > ERM Components, Principles, and Terms BEC > Corporate Governance > Enterprise Risk Management Frameworks > ERM Governance and Culture BEC > Corporate Governance > Enterprise Risk Management Frameworks > ERM Strategy and Objective Setting BEC > Corporate Governance > Enterprise Risk Management Frameworks > ERM and Performance BEC > Corporate Governance > Enterprise Risk Management Frameworks > ERM Monitoring, Review, and Revision BEC > Corporate Governance > Enterprise Risk Management Frameworks > ERM Communication and Reporting The following lessons have been removed: BEC > Corporate Governance > Enterprise Risk Management Frameworks > The COSO ERM Model BEC > Corporate Governance > Enterprise Risk Management Frameworks > ERM Performance, Review, and Communication New multiple-choice questions and task-based simulations Page 4

5 FAR Financial Accounting and Reporting FAR Blueprint changes are limited to editorial updates to clarify and provide consistency in the Blueprint. None New multiple-choice questions and task-based simulations Page 5

6 REG Regulation REG Blueprint changes are limited to editorial updates to clarify and provide consistency in the Blueprint. None. Other Changes Annual tax changes, excluding the Tax Cuts and Jobs Act. The following new lesson was added to explain the upcoming tax changes: REG > Federal Taxation of Property Transactions > Recent Developments in Tax Law The following additional lessons contain updated videos and content: REG > Federal Taxation of Property Transactions > Introduction to Tax Review REG > Federal Taxation of Property Transactions > Property Transactions > Section 1231 Assets - Cost Recovery REG > Federal Taxation of Individuals > Individual Tax Issues > Filing Status REG > Federal Taxation of Individuals > Tax Credits >Personal Tax Credits REG > Federal Taxation of Individuals > Estate and Gift Taxation > Federal Gift Tax REG > Federal Taxation of Individuals > Estate and Gift Taxation > Federal Estate Tax REG > Federal Taxation of Entities > Tax Credits > Business Tax Credit The following additional lessons contain updated videos and content: REG > Business Law > Bankruptcy and Insolvency > Prebankruptcy Options, and Introduction to and Declaration of Bankruptcy REG > Business Law > Bankruptcy and Insolvency > Bankruptcy Process REG > Business Law > Bankruptcy and Insolvency > Distribution of Debtor s Estate REG > Business Law > Bankruptcy and Insolvency > Discharge and Reaffirmation Agreements REG > Business Law > Agency > Types of Agency Relationships and Creation REG > Business Law > Agency > Duties of Agents and Principles Page 6

7 The following lesson was removed: REG > Business Law > Agency > Authority of Agents and Principals The following lessons were renamed for clarity (Old lesson name followed by new lesson name): Old: REG > Business Law > Debtor-Creditor Relations > Rights, Duties, and Liabilities of Debtors, Creditors, Sureties, and Guarantors > Suretyship: Introduction, Creation, and Types New: REG > Business Law > Debtor-Creditor Relations > Rights, Duties, and Liabilities of Debtors, Creditors, Sureties, and Guarantors > Introduction, Creation, and Types Old: REG > Business Law > Debtor-Creditor Relations > Rights, Duties, and Liabilities of Debtors, Creditors, Sureties, and Guarantors > Suretyship: Rights of Parties New: REG > Business Law > Debtor-Creditor Relations > Rights, Duties, and Liabilities of Debtors, Creditors, Sureties, and Guarantors > Rights of Parties Old: REG > Business Law > Contracts > Performance > Passage of Title and Risk of Loss New: REG > Business Law > Contracts > Performance > Issues of Passage of Title and Risk of Loss New multiple-choice questions Page 7