1 Holiday Inn Harbourside Indian Rocks Beach, Florida Irvin N. Gleim October 8, 2004
2 CPA Exam Update Computerized Exam is HereComputerized Exam is Here Participation is DownParticipation is Down Pass Rates Are Up 45%Pass Rates Are Up 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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4 Thomson Prometric
5 Exam Breakdown FIN 90 m/c 2 sim 4.0 hrs. AUD 90 m/c 2 sim 4.5 hrs. REG 72 m/c 2 sim 3.0 hrs. BEC 90 m/c n/a 2.5 hrs.
6 Auditing and Attestation4.5 hours Financial (80% Fin., 20% Gov.)4.0 hours Regulation (40% Law, 60% Tax)3.0 hours Business Environment2.5 hours Exam Sections
7 FIN 4.5 to 4.0 hours adds 30% of ARE (4.5 hours) REG 3.0 hours consists of 60% of 4.5 hours ARE and 100% of 3 hours of LAW Exam Details
8 Business structure (20%)Business structure (20%) Economic concepts (10%)Economic concepts (10%) Financial management (20%)Financial management (20%) Information technology (IT) (25%)Information technology (IT) (25%) Planning and measurement (25%)Planning and measurement (25%) Business Environment & Concept (BEC)
9 Multiple Choice Screen
10 Simulation Screen
11 DirectionsDirections SituationSituation Check the boxCheck the box Drop down boxesDrop down boxes Fill-in spreadsheet with formulasFill-in spreadsheet with formulas CommunicationCommunication ResearchResearch Tab Simulation
12 Participation Pre ,000 + 108,000 parts 320,000 340,000 parts 2004 Window 1 – 23,000 parts Window 2 – 40,000 parts
13 Pass Rates Pre – 36% 2004mid-forties
14 Computer freezes or locks upComputer freezes or locks up Candidates do not have 2 IDs or NTSCandidates do not have 2 IDs or NTS Copy & paste function for researchCopy & paste function for research Small issues become exam breakersSmall issues become exam breakers CPA ForumCPA Forum Issues
15 CMA Exam: Current vs. Reorganized 1.Economics, Finance & Management 2.Financial Reporting Analysis 3.Management Reporting, Analysis & Behavioral Issues 4.Decision Analysis, Information Systems & Management Controls 1.Business Analysis 1.Business Analysis Management 2.Management 2.Management Accounting & 3.Strategic Management 3.Strategic Management Strategic Management Strategic Management 4.Business Applications 4.Business Applications Information Systems & Management Controls
16 CIA Exam 80 – 125 questions 80 – 125 questions Still paper and pencil Still paper and pencil High growth High growth
17 CIA Exam Internal Audit Role Internal Audit Role Internal Audit Engagement Internal Audit Engagement Business Analysis & Information Technology Business Analysis & Information Technology Business Management Skills Business Management Skills
18 Careers
19 SFS
20 FASB overviewFASB overview SFAS SFAS PCAOB / SEC / SOXPCAOB / SEC / SOX EFATEFAT Overview of Recent Accounting, Authoritative Pronouncements, and How They Affect Teaching Introductory and Intermediate Financial Accounting
21 FA SB
22 FASB Due Process 7 Members, Majority rule 7 Members, Majority rule Task force & Technical staff Task force & Technical staff Discussion Memorandum Discussion Memorandum Public hearing Public hearing Public response Public response Board votes on Final Statement Board votes on Final Statement
Business Combinations
Goodwill and Other Intangible Assets
Accounting for Asset Retirement Obligations
Accounting for the Impairment or Disposal of Long-Lived Assets
Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections
Accounting for Costs Associated with Exit or Disposal Activities
Acquisitions of Certain Financial Institution- an amendment of FASB Statements No. 72 and 144 and FASB Interpretation No. 9
Accounting for Stock-Based Compensation- Transition and Disclosure- an amendment of FASB Statement No. 123
Amendment of Statement 133 on Derivative Instruments and Hedging Activities
Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity
Revised Employers’ Disclosure about Pensions and Other Post-retirement Benefits- an amendment of FASB Statements No. 87, 88, and 106
34 Interpretation 46 Revised Consolidation of Variable Interest Entities- an interpretation of ARB No. 51
35 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. Elementary Financial Accounting Tutorial