The CARES Act wont be tested in the CPA Exam
A piece of good news headed your way REGulators! As per the AICPAs CPA Exam Policy on New Pronouncements, the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) wont be tested on the CPA Exam until October 1, 2020:
“The changes pertaining to the Accounting and auditing pronouncements are eligible to be tested on the Uniform CPA Examination within the later of: (1) the first quarter of calendar beginning after the pronouncement’s earliest mandatory effective date (2) the first quarter of calendar beginning six (6) months after the pronouncement’s date of issue. In either case, there is content removal related to the previous pronouncement & simultaneous content introduction related to the new pronouncement.
Changes pertaining to the federal taxation area, the Internal Revenue Code, and federal taxation regulations may be included in the calendar quarter beginning six (6) months after the change’s effective date or enactment date, whichever is later.
For all other subjects that the Regulation (REG) and Business Environment and Concepts (BEC) sections cover, materials eligible to be tested include federal laws in the calendar quarter beginning six (6) months after their effective date, as well as uniform acts in the calendar quarter beginning one (1) year after their adoption by a simple majority of the jurisdictions.”
The first CPA Exam testing window is October 1, 2020, we confirm, as per the AICPA.
There is a lot of time for you to unlearn the TCJA Net Operating Loss rules that you just studied. The CARES Act was enacted on March 27, 2020, and 6 months from the date of enactment means September 27. So, roughly 6 months in your hands to master this part of the syllabus.
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