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Introduction to CPA Regulation Exam

Certified Public Accountant consists of four-part, 16-hour CPA Exam is a masters-level professional certification. Candidates are supposed to pass all four-part assessment with in time frame of 18 months in order to qualify for a CPA license.

The four parts are

  • Regulation (REG)
  • Financial Accounting and Reporting (FAR)
  • Auditing and Attestation (AUD)
  • Business Environment and Concepts (BEC)

This exam is designed to test the minimum knowledge and skills required of a CPA. The Exam is managed by three main partners:

  • The National Association of State Boards of Accountancy (NASBA) manages the National Candidate Database
  • The Exam is provided on behalf of Boards of Accountancy, which issue CPA licenses.
  • The AICPA develops, maintains, and scores the Exam.
  • Pro metric is the company that delivers the Exam at its authorized test centers.

Before taking this exam, candidates should have a solid knowledge of the topics outlined in this preparation guide.

The Certified Business Manager (CPA) is a global, competency-based credential that is designed to validate the skills and knowledge of accountancy candidate who can operates at a global market.

After passing this exam, candidates get a certificate from AICPA that helps them to demonstrate their proficiency in managing Business to their clients and employers.

Reference: http://www.aicpa.org/BecomeACPA/CPAExam/ForCandidates/FAQ/Pages/computer_faqs_2.aspx

How much CPA Regulation Exam Cost

Exam fees depend upon the jurisdiction where you choose to become licensed. You can find details by referring to your specific Board of Accountancy.

AICPA CPA-Regulation Exam Syllabus Topics:

SectionWeightObjectives
Business Law15-25%- Business structure legal characteristics
- Debtor-creditor relationships and bankruptcy
- Employment and federal business regulations
- Contract formation and performance
- Uniform Commercial Code (UCC) articles
- Agency relationships and authority
Federal Taxation of Entities23-33%- Book-tax differences
- C corporations and S corporations
- Tax-exempt organizations
- Gift, estate, and trust taxation
- Partnerships and LLCs
Federal Taxation of Individuals22-32%- Adjustments, deductions, and exemptions
- Loss limitations and carryovers
- Gross income inclusions and exclusions
- Filing status and dependency rules
- Tax credits and alternative minimum tax
Ethics, Professional Responsibilities, and Federal Tax Procedures10-20%- Tax preparer penalties and due diligence
- Ethics and responsibilities in tax practice
- Federal tax audit and appeal procedures
- Treasury Department Circular 230
- Privileged communications and disclosure rules
Federal Taxation of Property Transactions12-22%- Cost recovery: depreciation, amortization, depletion
- Recognition of gains and losses
- Asset basis and holding periods
- Capital vs ordinary asset classification
- Like-kind exchanges and involuntary conversions

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