CPACPA Exam

Why You Shouldn’t Fear the 2021 CPA Exam

why-you-shouldnt-fear-the-2021-cpa-exam

The 2021 CPA Exam changes were effective on the CPA Exam starting January 1, 2021. However, there were only minor changes to the CPA Exam for the January launch. More robust changes were originally expected but were delayed due to various factors impacted by the pandemic. 

These January 1st changes included updates to the following sections: 

Regulation (REG)

  • Removal of most CARES Act changes
    • Exam Topic: Individual and Corporate Taxation

Financial Accounting & Reporting (FAR)

  • ASU 2018-14—Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans
  • ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. There have been major changes to the FAR section of the Exam, most notably around Financial Instruments – Credit Losses. The changes in Financial Instruments – Credit Losses are complex.  

Although change can be intimidating, CPA Exam candidates always prove they will prevail. The first quarter of 2021 CPA Exam results are in and the good news is that pass rates are up year over year across all sections! Just as candidates adapted to the first half of the 2021 changes, we know candidates will continue to do so for the remaining, larger changes taking place on July 1st.

CPA Exam Section1Q20211Q2020
AUD48.56%47.97%
BEC62.16%61.76%
FAR46.64%46.37%
REG59.29%55.42%

Source: AICPA 

Even though the pandemic seems to have brought the whole world to a screeching halt, CPA Exam pass rates are indicating that flexibility and perseverance are key to passing the exam. The world may have slowed down, but your CPA plans do not have to. The time is now to take the first step towards your CPA journey. Find what motivates you, and get it done; you will come out of this pandemic stronger than ever!

If you are feeling hesitant or fearful about studying for the new CPA Exam, remember you are not alone. We have changed how candidates prepare for the CPA Exam. With our revolutionary program, you will master difficult accounting topics on a deeper level so that you can truly understand the material—ensuring you excel, not just on the exam, but beyond in your career.

And the July 2021 CPA Exam changes are right around the corner so sit now while you still have time to avoid the big changes happening to both Auditing & Attestation (AUD) and Business Environment & Concepts (BEC). Engage in your studies now to master the CPA Exam concepts with proven teaching methods that are revolutionizing CPA Exam preparation.

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