The 2011 CPA Exam TEXAS

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State Requirements

Texas CPA Exam Requirements Education requirements –150 Semester Hours –Baccalaureate Degree minimum of 30 upper division semester hours in accounting above the principles level 24 upper division hours of related business courses plus 3 hours ethics course

5 Key Steps Review state requirements Apply for CPA Exam and register for Becker Study and sit Schedule exam Receive Notice-to-Schedule

JAN OPEN FEB OPEN MAR CLOSED APR OPEN MAY OPEN JUN CLOSED JUL OPEN AUG OPEN SEP CLOSED OCT OPEN NOV OPEN DEC CLOSED 2 nd Qtr Window 1 st Qtr Window 3 rd Qtr Window 4 th Qtr Window Sit for exams as soon as eligible. Must pass all 4 parts w/in 18 month window Firms want their new hires to pass early in their careers. Begin Application Process The On Demand Exam

The 2011 CPA Exam

Timing for Each Exam Section Exam PartTime Financial4 hrs Audit4 hrs Regulation3 hrs Business3 hrs Total = 14 hours

Financial

Financial - Structure 60% 40% Three multiple-choice question (MCQ) testlets containing 90 questions One testlet containing seven short, task-based simulations TBS; research question in new format No written communication tasks % of questions do not count Passing Grade 75

Financial - CSOs

Financial - IFRS and ISA Candidates will be expected to identify and understand the differences between financial statements prepared under U.S. GAAP and under IFRS. First-time adoption of IFRS related to financial reporting, presentation and disclosures in general-purpose financial statements will also be tested.

Financial - Codification New research task format based on the FASB Codification™. Codification consolidates thousands of U.S. GAAP pronouncements into a single, authoritative, easy-to-access online research tool.

Audit

Audit - Structure 60% 40% Three multiple-choice question (MCQ) testlets containing 90 questions One testlet containing seven short, task-based simulations TBS; research question in new format No written communication tasks % of questions do not count Passing Grade 75

Audit - CSOs

Audit - IFRS and ISA Demonstrate knowledge and awareness of the following: International Auditing & Assurance Board (IAASB) - role in establishing International Standards on Auditing (ISAs) Differences between ISAs and US Auditing Standards International Ethics Standards Board for Accountants (IESBA) Role in establishing International Federation of Accountants (IFAC) Code of Ethics for Professional Accountants. Related independence requirements when auditing a U.S. company that supports an audit report based on auditing standards of another country, or ISAs

Regulation

Regulation - Structure 60% 40% Three multiple-choice question (MCQ) testlets containing 72 questions One testlet containing six short, task- based simulations TBS; research question in new format No written communication tasks % of questions do not count Passing Grade 75

Regulation - Content

Business

Business - Structure 85% 15% Three multiple-choice question (MCQ) testlets containing 72 questions Three written communication tasks on BEC topics % of questions do not count Passing Grade 75

Business - Content

Business - IFRS and ISA Candidates will be expected to demonstrate an understanding of globalization in the business environment as well as be able to explain the underlying economic substance of transactions and their accounting implications.

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