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Summary of July 2018 Content Updates


July 2018 Content Updates

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July 2018

Hello Future CPAs,

With a new exam interface and significant test-taking improvements rolled out in April 2018, you can look forward to your next exam experience to be the best yet. While there are minimal content and blueprint changes taking effect in July, we wanted to take this opportunity to show you where Wiley CPAexcel has changed—both to address technical amendments to the exam, and to create an even better review experience for you.

Beginning July 1, 2018, you can expect to be tested on the following new pronouncements:

AUD• AICPA Statement on Auditing Standards (SAS) 133, Auditor Involvement with Exempt Offering

Documents

• PCAOB Auditing Standards (AS) 3101, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion

REG• Annual tax changes (not including the Tax Cuts and Jobs Act)

Top of mind for test-takers who are yet to sit for REG is how the Tax Cuts and Jobs Act (TCJA) will affect the test. The TCJA is not eligible for testing until January 1, 2019. Given this, we provide a brand-new lesson that not only walks through the changes, but also helps you determine whether to take the test before January 1, 2019, or take it after the new tax law is eligible for testing.

In addition to addressing these technical content changes, Wiley CPAexcel continues to provide an exam-like experience with software that aligns to the new, redesigned CPA Exam. With this release, we have new, updated videos, more questions, more flashcards, and more lesson assessments. And with Bite-Sized lessons to succinctly and clearly explain complex concepts, Wiley CPAexcel is the most complete and comprehensive CPA review program available.

You can feel confident in your Wiley CPAexcel materials to help you be successful on the CPA Exam.

Your Partner Until You Pass,

The Team at Wiley CPAexcel






AUD | Auditing and AttestationChanges and Improvements

AICPA Blueprint Changes

• AUD Blueprint changes resulted from standard-setting and editorial updates to clarify and provide consistency in the Blueprint.• IfyouwouldliketoreadtheAICPASummaryofrevisionstotheUniformCPAExaminationBlueprintsEffectiveJuly1,2018,

review the approved revisions detailed here: AICPA July 2018 Blueprint Revisions

Pronouncement Changes

• AICPA Code of Professional Conduct: New interpretation “Hosting Services” (ET sec. 1.295.143) under the “Independence Rule” (ET sec. 1.200.001)

The following lesson reflects the above pronouncement change:• AUD>Ethics,ProfessionalResponsibilities,andGeneralPrinciples>NonauditServices>SpecificServices

• SAS133—AuditorInvolvementwithExemptOfferingDocuments(AU-C945):Addressestheauditor’sresponsibilitiesregardingsecurityofferingsexemptfromregistrationundertheSecuritiesActof1933andfranchiseofferingsregulatedbytheFTCorother franchise laws

The following lesson reflects the above pronouncement change:• AUD>PerformingFurtherProceduresandObtainingEvidence>AuditEvidence:SpecificAuditAreas>Investmentsin

Securities and Derivative Instruments• PCAOBAS3101—TheAuditor’sReportonanAuditofFinancialStatementsWhentheAuditorExpressesanUnqualified

Opinion: Revisions to auditor’s report to require disclosure of auditor tenure (the year in which the auditor began serving consecutively as the company’s auditor) as well as other changes such as addressing the auditor’s report to the shareholders and board of directors, standardizing the auditor’s report, disclosing that the auditor is required to be independent, as well as adding the phrase “whether due to error or fraud,” in auditor’s responsibility.

The following lesson reflects the above pronouncement change:• AUD > Forming Conclusions and Reporting > Audit Reports > PCAOB on Audit Reports

Note: PCAOB AS 3101 also requires communication of critical audit matters in the audit report that relate to accounts ordisclosuresthatarematerialtothefinancialstatementsandinvolvedespeciallychallenging,subjective,orcomplexauditorjudgment,howeverthisisnoteligiblefortestinguntilJulyof2019.

Additional Improvements

✓Newmultiple-choicequestionsandtask-basedsimulations✓ Newflashcards,lessonassessmentquestions,andsessionassessmentquestionsaddedtomanylessons






BEC | Business Environment and ConceptsChanges and Improvements


• BEC Blueprint changes resulted from standard-setting, revisions to add more detail, and editorial updates to clarify and provideconsistencyintheBlueprint.SuchAICPABlueprintrevisionsaretoreflecttheupdatedCOSOERMframework,whichwas eligible for testing as of April 2, 2018.

• IfyouwouldliketoreadtheAICPASummaryofrevisionstotheUniformCPAExaminationBlueprintsEffectiveJuly1,2018,review the approved revisions detailed here: AICPA July 2018 Blueprint Revisions


• None. • Note:BeginningApril2,2018,theupdatedCOSOERMframeworkbecameeligiblefortesting.

Other Changes

The following lessons cover the updated COSO ERM framework:• BEC>CorporateGovernance>EnterpriseRiskManagementFrameworks>IntroductiontoCOSOEnterpriseRiskManagement:StrategyandRisk

• BEC>CorporateGovernance>EnterpriseRiskManagementFrameworks>ERMComponents,Principles,andTerms• BEC>CorporateGovernance>EnterpriseRiskManagementFrameworks>ERMGovernanceandCulture• BEC>CorporateGovernance>EnterpriseRiskManagementFrameworks>ERMStrategyandObjectiveSetting• BEC>CorporateGovernance>EnterpriseRiskManagementFrameworks>ERMandPerformance• BEC>CorporateGovernance>EnterpriseRiskManagementFrameworks>ERMMonitoring,Review,andRevision• BEC>CorporateGovernance>EnterpriseRiskManagementFrameworks>ERMCommunicationandReporting

The following lessons have been removed:• BEC>CorporateGovernance>EnterpriseRiskManagementFrameworks>TheCOSOERMModel• BEC>CorporateGovernance>EnterpriseRiskManagementFrameworks>ERMPerformance,Review,and

Communication


✓ Newmultiple-choicequestionsandtask-basedsimulations✓ Newflashcards,lessonassessmentquestions,andsessionassessmentquestionsaddedtomanylessons






FAR | Financial Accounting and ReportingChanges and Improvements


• FAR Blueprint changes are limited to editorial updates to clarify and provide consistency in the Blueprint.• IfyouwouldliketoreadtheAICPASummaryofrevisionstotheUniformCPAExaminationBlueprintsEffectiveJuly1,2018,



• None


✓ Newmultiple-choicequestionsandtask-basedsimulations✓ Newflashcards,lessonassessmentquestions,andsessionassessmentquestionsaddedtomanylessons






REG | RegulationChanges and Improvements


• REG Blueprint changes are limited to editorial updates to clarify and provide consistency in the Blueprint.• IfyouwouldliketoreadtheAICPASummaryofrevisionstotheUniformCPAExaminationBlueprintsEffectiveJuly1,2018,



• None.

Other Changes

✓ Annualtaxchanges,excludingtheTaxCutsandJobsAct.

The following new lesson was added to explain the upcoming tax changes:• REG > Federal Taxation of Property Transactions > Recent Developments in Tax Law

The following additional lessons contain updated videos and content: • REG > Federal Taxation of Property Transactions > Introduction to Tax Review

• REG > Federal Taxation of Property Transactions > Property Transactions > Section 1231 Assets - Cost Recovery• REG > Federal Taxation of Individuals > Individual Tax Issues > Filing Status• REG > Federal Taxation of Individuals > Tax Credits >Personal Tax Credits• REG>FederalTaxationofIndividuals>EstateandGiftTaxation>FederalGiftTax• REG>FederalTaxationofIndividuals>EstateandGiftTaxation>FederalEstateTax• REG > Federal Taxation of Entities > Tax Credits > Business Tax Credit

✓ Thefollowingadditionallessonscontainupdatedvideosandcontent:

• REG > Business Law > Bankruptcy and Insolvency > Prebankruptcy Options, and Introduction to and Declaration of Bankruptcy

• REG > Business Law > Bankruptcy and Insolvency > Bankruptcy Process• REG > Business Law > Bankruptcy and Insolvency > Distribution of Debtor’s Estate• REG>BusinessLaw>BankruptcyandInsolvency>DischargeandReaffirmationAgreements• REG > Business Law > Agency > Types of Agency Relationships and Creation• REG > Business Law > Agency > Duties of Agents and Principles






✓ Thefollowinglessonwasremoved:• REG > Business Law > Agency > Authority of Agents and Principals

✓ Thefollowinglessonswererenamedforclarity(Oldlessonnamefollowedbynewlessonname):

• Old: REG > Business Law > Debtor-Creditor Relations > Rights, Duties, and Liabilities of Debtors, Creditors, Sureties, and Guarantors > Suretyship: Introduction, Creation, and Types

New: REG > Business Law > Debtor-Creditor Relations > Rights, Duties, and Liabilities of Debtors, Creditors, Sureties, and Guarantors > Introduction, Creation, and Types

• Old: REG > Business Law > Debtor-Creditor Relations > Rights, Duties, and Liabilities of Debtors, Creditors, Sureties, and Guarantors > Suretyship: Rights of Parties

New: REG > Business Law > Debtor-Creditor Relations > Rights, Duties, and Liabilities of Debtors, Creditors, Sureties, and Guarantors > Rights of Parties

• Old: REG > Business Law > Contracts > Performance > Passage of Title and Risk of Loss New: REG > Business Law > Contracts > Performance > Issues of Passage of Title and Risk of Loss


✓ Newmultiple-choicequestions✓ Newflashcards,lessonassessmentquestions,andsessionassessmentquestionsaddedtomanylessons