[jeff]

No. 🙂

Any big tax law changes? No.

Any CPA Exam Format changes? No.

Any big Auditing/Financial pronouncements issued in 2011 that are now fair game on the 2012 exam (that weren’t included in the July 2011 updates)? No.

If you have updated July 2011 materials – study away.

Already have the REG ASSASSIN?

2012 Updates are Free: https://www.another71.com/2012-cpa-exam-changes-regulation/

FAR/BEC/AUD Coming Very Soon…

[Anonymous]

There are some important changes in REG. I would advise that people update their REG books to 2012 materials. Just my 2 cents.

[jeff]

What big tax law changes are you referencing in particular?

[Anonymous]

For one thing, the Start-Up costs for Individuals is back to $5k/$50k, as I mentioned in the other thread.

The Self-Employment Tax deduction for AGI is not one-half anymore. It's a whole new calculation now.

The Standard Deductions has changed.

The Personal Exemption amount has changed.

These are just a handful of changes I've encountered so far that I feel are important. There could be more. The new exam format is very nitpicky with this section. I just think it's very important that all candidates are aware of all the changes. Considering that I got a 74 last quarter, I honestly think that being aware of these changes (whether they be minor or not) can mean the difference between passing and failing.

[jeff]

Items that change year-to-year like exemption amounts, standard deductions, etc are normally outside the scope of the CPA exam. Why? The aicpa would have to change their question bank with every whim of congress.

I scored a 92 not having any exemptions or defection amounts memorized. I knew the 179 rules and that was it as far as deductions.

A scored 74-74 and it was because of weaknesses in some areas that I needed to correct like AMT.

REG is more conceptual than people realize – they don't test you on nit-picky stuff that change year-to-year.

[Author]

Replies