With a changing population, competency requirements, and the declining rate of accounting aspirants, the accounting and finance scenario is changing. To address this ongoing issue, over 1200 accounting forums and professionals worldwide proposed introducing a CPA Evolution 2024, which would result in adaptability and transformation in the CPA course, CPA exam structure, CPA license framework, CPA salary package, and demand.
BEC in the spotlight
The 2024 CPA changes will have a more significant impact on the BEC section of the US CPA course. Business Analysis and Reporting (BAR), Information Systems and Controls (ISC), and Tax Compliance and Planning (TCP) will replace the three core disciplines of the BEC section. Instead of BEC, a CPA candidate can choose one of the three mentioned disciplines when taking the exams in 2024. The overarching objective is to make CPAs experts in a particular subject.
There are three core subjects, which are AUD, FAR, and REG. There are no changes in the core subjects. A student who wants to be a CPA must pass these three core subjects. The difficulty levels of these subjects are predicted to change with the new model.
BEC is being removed. This will be replaced with three disciplines, which are as follows:
- Business Analytics and Reporting (BAR)
- Information Systems and Controls (ISC)
- Tax compliance and Planning (TCP)
The student may only choose one option out of the three given.
As a result, a student has the following options to choose from.
- AUD+FAR+REG+BAR: This option is intended for students who have a strong interest in core accounting and wish to specialise in it.
- AUD+FAR+REG+ISC: This is ideal for students who want to specialise in auditing. In today’s automation scenario, ISC includes many technological subjects that can help with the audit process.
- AUD+FAR+REG+TCP: Students with an interest in taxation and regulation should consider this combination because TCP will improve their knowledge of regulations.
What will be the impact of the CPA 2024 changes?
The CPA Evolution 2024 is expected to introduce a global uniform CPA examination. It is proposed to change the syllabus to meet the accounting and finance industry’s upcoming requirements. It has put advanced and critical skill sets such as risk assessment, information technology, system governance, and accounting analytics to work to manage the skills shortage and fill competitive roles at the Big 4 and MNCs.
Having earned your US CPA in 18 months will prepare you for top-tier positions at the Big 4 and top MNCs in India, the US, and Canada. It will also help you get more attractive salary packages.
If you want to know more about the Evolution of the CPA exam: 2024 information please feel free to Contact Simandhar Education @ +91 7780273388 or mail us at info@simandhareducation.com.
