CPA Evolution is just around the corner. Have you heard of the CPA Evolution initiative? Are you aware that the Uniform CPA Examination (CPA Exam) is changing significantly in January 2024? It is important that you learn about this initiative and the upcoming changes to the CPA Exam to fully understand how it might impact your journey to CPA licensure.
一、Important 2024 Administration Dates
AICPA has published the tentative 2024 CPA Exam testing schedule and score release schedule. Please note that these dates are tentative pending further review by AICPA.
It is anticipated that testing will commence on January 10, 2024, for all sections. While the core sections (AUD, FAR and REG) will first be available for scheduling through March 26, 2024, in the first quarter of 2024, the discipline sections (BAR, ISC and TCP) will be available through February 6, 2024. Scores are anticipated to only be released once per test section per quarter due to necessary standard-setting analyses and activities.
二、Boards of Accountancy Considering Credit Extension and Other Relief
Due to the limited testing schedule and delayed score releases in 2024, the CBT Administration and Executive Directors Committees of NASBA have recommended a policy to Boards of Accountancy for consideration, which would allow candidates with Uniform CPA Examination credit(s) on January 1, 2024, to have such credit(s) extended to June 30, 2025.
Each Board of Accountancy must individually consider if it wishes to adopt such a policy. NASBA has published a map on its website, which will be updated as boards consider the policy. To date, 39 jurisdictions have already approved the policy. Others will be reviewing it at upcoming board meetings. In some states, the board may be favorably inclined to adopt the policy, but legislative rule making may be required, which could take some time.
Boards of Accountancy will also be asked to consider a rule change that is currently under exposure for comment. It is anticipated that the model rule under the Uniform Accountancy Act, could be available in final form by early 2023. Such a rule, if adopted by a Board of Accountancy, would shift the start date of the 18-month credit period to the date a passing score was released by NASBA to the candidate or a board. Currently, many boards utilize earlier dates such as the date a candidate tests. If adopted, this could provide additional relief to candidates. Each board must decide whether or not to change their rules. This will be a longer-term initiative, as rule changes can take some time, depending on the jurisdiction. NASBA will develop and publish a map showing jurisdictional rules on this topic in the near future.
三、Transition Policy Reminder
The new CPA licensure and CPA Exam model is a Core and Discipline model. In February 2022, a transition policy was announced. This policy lays out how CPA Exam sections passed under the current CPA Exam map to credit under the 2024 CPA Exam. Candidates who will start taking the CPA Exam in 2023 but continue to take sections in 2024 should review this policy and the FAQs on NASBA’s website.