Planning Has Begun to Determine Next Version of Uniform CPA Exam

The American Institute of CPAs (AICPA) is developing the next version of the Uniform Certified Public Accountants (CPA) Examination, the fundamental requirement for qualifying for licensure as a CPA.

The AICPA issued a document available for public comment on Sept. 2, seeking feedback from the accounting profession on potential changes to the exam that are being considered.

It explains the stages of the practice analysis, including results from the AICPA’s preliminary research, and asks specific questions about changes to the exam

The public comment period ends Dec. 2.

According to the AICPA, the CPA exam in its current form — adopted in April 2004 — consists of four sections: auditing and attestation, financial accounting and reporting, regulation, and business environment and concepts. These sections represent a total of 14 hours of testing.

The newest version of the CPA exam should be announced in 2016 and launched in 2017. 

CPAs are the only accounting professionals licensed in the United States. In Arkansas, the number of individual CPAs licensed to practice in the state continues to rise, according to the Arkansas State Board of Public Accountancy.

As of June 30, the number of licensed CPAs grew a whopping 18 percent, from 2,968 in 2013 to 3,504 this year, according to the board.

That number represents roughly 1,000 more CPAs licensed in Arkansas than in 2005.

In terms of CPA firms, the number also increased, from 611 last year to 624 this year.