New Model for Licensure, New CPA Exam Expected to Launch 2024
The CPA Evolution initiative is transforming the CPA licensure model to recognize the rapidly changing skills and competencies the practice of accounting requires today and will require in the future. It is a joint effort of the National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA).
The CPA Evolution Licensure Model (CPA Evolution) establishes a foundation for the most important and relevant topics that new CPAs need to know to protect the public interest while providing an opportunity for candidates to choose one of three Disciplines as described below.
Under CPA Evolution, all candidates will be required to pass three Core Exam sections:
- Auditing and Attestation (AUD)
- Financial Accounting and Reporting (FAR)
- Taxation and Regulation (REG)
Each candidate will also choose one Discipline section to demonstrate knowledge and skills in that particular domain:
- Business Analysis and Reporting (BAR)
- Information Systems and Controls (ISC)
- Tax Compliance and Planning (TCP)
Regardless of a candidate's chosen Discipline, CPA Evolution leads to CPA licensure, with rights, privileges, and responsibilities consistent with the present CPA license. CPA professional practice is not limited by the Discipline passed; professional standards provide guidance related to required competence and due care when performing professional services.
New Core + Discipline CPA Licensure Model
Kentucky Board of Accountancy's Extension of Certain CPA Examination Credits
1. Immediately Available Twelve-Month Extension of Existing Exam Credit -- that must be Requested -- Pending Formal Promulgation of Administrative Regulation Change
During its meeting on June 15, 2023, the Kentucky Board of Accountancy voted to adopt the NASBA Board of Directors' amendment to UAA Model 5-7, and subsequent implementation recommendation from NASBA's CBT Administration Committee, to increase, from 18 to 30 months, the time in which an exam candidate earning an initial exam credit must successfully complete remaining sections of the Uniform CPA Examination.
Exam candidates should note, however, that to become official and effective, this change must first proceed through the Legislative Research Commission's formal process to amend the Board's governing administrative regulation, which traditionally takes 7-10 months.
Prior to the amended rule becoming effective, the Board has granted its Executive Director the authority to extend exam candidates' credits, up to 12 months from the existing expiration dates, on a case-by-case basis. Please note that these extensions are not automatically effectuating and must be individually requested by emailing the Board office at email@example.com. We will advise once the regulation amendment becomes effective to permanently extend the expiration date of conditional exam credit from 18 to 30 months thereby dispensing with the requirement of case-by-case requests.
2. Onetime Automatic Extension of Credits Existing as of the Launch of the Revised Uniform CPA Exam on January 1, 2024
In addition, the Kentucky Board of Accountancy has also approved the following credit extension policy to aid in the transition to the new CPA Examination beginning January 1, 2024:
Any candidate with Uniform CPA Examination credit(s) on January 1, 2024 will have such credits(s) extended to June 30, 2025.
Important Upcoming CPA Testing and Application Dates
Chronological listing of important dates:
October 13, 2023 – Last day to submit initial BEC applications to the Board
November 8, 2023 – Last day to submit BEC reexam initial applications to the Board
November 15, 2023 – Last day NASBA will process BEC ATTs and NTSs
December 1, 2023 – First day the Board will accept Applications for the new Discipline sections (BAR, ISC, and TCP), but candidates will not be able to sit for those sections until January 10, 2024.
December 15, 2023 – Deadline to complete the current four exam sections (AUD, BEC, FAR, and REG)
December 15, 2023 – Last testing date for BEC
December 16, 2023 to January 9, 2024 – Dark window to facilitate IT system conversion. No exams will be administered during this time.
January 10, 2024 – Core sections of AUD, FAR and REG may be taken through March 26, 2024
CPA Exam Transition FAQs
Below, are frequently asked questions to help you better prepare for the changes coming to 2024 CPA Exam through CPA Evolution. If you have additional questions that are not outlined below please reach out to us at firstname.lastname@example.org.
CPA Exam Transition FAQs
2024 Fee Change Implementation
The new schedule of testing fees, beginning January 1, 2024, for each examination section will be as follows:
AICPA $130.00 per section
NASBA $ 30.00 per section
Prometric $ 22.06 per test hour, plus
$ 6.56 per section security fee
Based on the above, the candidate cost per section will be $254.80 in 2024.