Are you aware of US CPA Exam
changes from 2024?
Technology is rapidly changing the accounting profession, how accountants
perform their jobs, and the skills and knowledge needed to be successful. In
response to these changes, The American Institute of CPAs (AICPA) and the
National Association of State Boards of Accountancy (NASBA) are
restructuring the CPA Exam into a new CPA core-plus licensure model. This
initiative is called CPA Evolution.
The advent of digitization and the implementation of new technologies
have revolutionized the finance and accounting industry. To ensure that
CPAs are updated and competent with the technology-driven business
landscape, AICPA has introduced the CPA Evolution Initiative.
The US CPA Exam Evolution Initiative will come into effect from
January 1, 2024 and will have significant changes to the CPA curriculum.
The passage below explores in detail the CPA 2024 changes.
Why is the CPA licensure model changing?
The CPA profession is always moving forward, adopting new technologies,
new skills, and new best practices. The job requirements of most CPAs today
are completely different from those of a CPA even 10 years ago. As the
profession evolves, so must the skills and disciplines tested on the CPA
To meet the needs of the accounting profession, newly licensed CPAs must
adapt to these changes. CPAs are now required to perform more advanced
tasks and contribute to increasingly complex projects earlier in their
CPA Evolution Initiative – What is the New Model?
The new model has been proposed to make the CPAs more tech
competent. The new model will follow a Core + Discipline model with 3
Core Sections and 3 Discipline Sections.
CPA students have to study all three core sections. The three core
● Financial Auditing and Reporting (FAR)
● Auditing and Attestation (AUD)
● Taxation and Regulation (REG)
CPA students can choose one discipline section out of the three. The
three discipline sections are:
● Business analysis and reporting (BAR)
● Information systems and controls (ISC)
● Tax compliance and planning (TCP)
Irrespective of the discipline section the CPA candidate chooses, he can
opt to practice in other areas well. His choice of discipline section will
not have any effect on his CPA licensure.
Transition Policy – What it Means to CPA Aspirants?
AICPA along with NASBA, have created a smooth transition policy for
implementing the new changes. The transition policy is simple and
straightforward. Below is the break of the transition policy and how it
affects the CPA candidates.
● Candidates who have passed and have credit for AUD, FAR, or
REG on the current CPA Exam will not need to take the
corresponding new core section of AUD, FAR, or REG on the
2024 CPA Exam.
● Candidates who have passed and have credit for BEC on the
current CPA Exam will not need to take any of the three
● Candidates without credit for AUD after Dec 31, 2023, will
have to take the AUD core section on the 2024 CPA Exam.
● Candidates without credit for FAR after Dec 31, 2023, will have
to take the FAR core section on the 2024 CPA Exam.
● Candidates without credit for REG after Dec 31, 2023, will have
to take the REG core section on the 2024 CPA Exam.
● Candidates without credit for BEC after Dec 31,2023 will have
to take one Discipline section on the 2024 CPA Exam.
The current sections and curriculum of the CPA Exam will not be
available for testing after Dec 2023.
It should be noted that these changes are not finalized. There might be a
few changes to the new model. But, the core concept of the model will
remain the same. AICPA has announced that it is waiting for inputs on
the new model till September 30, 2022. Post that, it will review the
comments and make any changes if deemed fit. The blueprint will be
finalized in December 2022 and will be published in January 2023.
If you have any further information or want to check your eligibility,
please feel free to Contact Orbit Institutes @ +9529114392 or mail us at
Are you aware of US CPA Exam