Revision of the CPA Board Licensure Examination Syllabus July 2015

Overview of the CPA Board Exam Over 18,000 take the 3 Licensure exams each year - About 35% or 6,000 examinees pass - CPA Tracker Survey in place to monitor career directions of new CPAs CPA Board Exam has conceptually not changed for over 40 years Section 15 of the Accountancy Law allows amendments To the CPA examination July batch: 289 October batch: 258 NCR: 46.1%

Subjects to be included in the the new CPA Board Exam Financial Accounting and Theory Advanced topics in Accounting Management Accounting and Control Auditing Taxation Regulatory Framework for Business Transactions July batch: 289 October batch: 258 NCR: 46.1%

Highlights of the change Reduction in the number of subjects from seven(7) to six(6) Merging auditing theory and practice into one (1) subject Merging accounting theory and practice and distributing the pertinent topics in Theory of Accounts, Practical Accounting I, Practical Accounting II to Financial Accounting and Reporting, and Advanced Accounting Segregating Business Law and Taxation into Taxation and Regulatory Framework for Business Transactions Renaming Management Services to Management Accounting and Control July batch: 289 October batch: 258 NCR: 46.1%

Next steps 100% mapping has been done Issuance of the PRC Resolution revising the subjects Finalization of syllabus and Table of Specifications by October 2015 Coordination with the appropriate offices in PRC to implement the change Preparation of test questions for the test bank under the OB framework

Next steps 2 year transition for conditional examinees Conduct of public awareness and consultations Implementation for the May 2016 CPA Licensure Examination