Wiley CPAexcel

Summary of January 2017 Content Updates

Wiley CPAexcel January 2017 Content Updates

January 1, 2017

Dear Candidates and Partners,

The AICPA launches the next CPA Exam on April 1, 2017.

But, whats new on January 1st? Not much, really.

This document provides a summary of what has changed.

There are a few pronouncements that are eligible for testing for the first time
in January 2017 and mostly impact Financial Accounting and Reporting.

All Wiley CPAexcel content updates align with the AICPA Content Specification
Outlines (CSOs) for testing effective January 1, 2017, and have already been
integrated into your online course. There is no action required on your part.

Remember, we are your Partner Until You Pass with unlimited content and
courseware updates until you pass the full exam. Contact us at anytime if you
have questions or would like a guided walk-through of the updated course.

Best wishes and happy New Year!

To your success,

The Team at Wiley CPAexcel

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Wiley CPAexcel January 2017 Content Updates

AUD | Auditing and Attestation

AICPA CSO Changes: None
Pronouncement Changes: SAS No. 130 and No. 131 eligible for testing January 1, 2017

Wiley Changes
 Statement on Auditing Standards No. 130, An Audit of Internal
Control Over Financial Reporting That Is Integrated With an
Audit of Financial Statements. SAS No. 130 will be eligible for
testing on the CPA Exam in January, 2017. Candidates testing
in 2017 will be responsible for being familiar with SAS No. 130.
The Wiley CPAexcel materials included coverage of SAS No. 130.
 Statement on Auditing Standards No. 131, Amendment to
Statement on Auditing Standards No. 122 Section 700, Forming
an Opinion and Reporting on Financial Statements. This
pronouncement addresses a somewhat technical issue that
is relevant to an audit that is conducted in accordance with
the standards of the PCAOB when the audit is not actually
under the jurisdiction of the PCAOB. Such a circumstance
involves changing the language used (in a rather minor way)
in the auditors report. The study materials dealing with the
introduction of the auditors reporting language (for audits of
nonissuers) shows how the auditors report would be changed
to address such a circumstance.

BEC | Business Environment and Concepts

AICPA CSO Changes: None
Pronouncement Changes: None

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Wiley CPAexcel January 2017 Content Updates

FAR | Financial Accounting and Reporting

AICPA CSO Changes: None
Pronouncement Changes: *
Eligible for testing in January 2017

FASB ASU 2015-11 FASB ASU 2016-7

FASB ASU 2015-17 FASB ASU 2016-9

FASB ASU 2016-5 GASB Statement No. 80

FASB ASU 2016-6

* Not all pronouncements will impact a "newly-licensed" CPA and are, therefore, not likely tested.

Wiley Changes
Financial Accounting
 FASB ASU 2015-11 | Simplifying the measurement Not-for-Profit Organizations: No substantive changes
of Inventory: Use of LC-NRV
Governmental Organizations
 FASB ASU 2015-17 | Classification of deferred taxes
 GASB Statement No. 80, Blending Requirements for
 FASB ASU 2016 05 and 06 | Derivatives and Hedging Certain Component Units

 FASB ASU 2016-7 | Transition to equity method

 FASB ASU 2016-09 | Compensation - Stock Compensation

REG | Regulation
AICPA CSO Changes: None
Pronouncement Changes:
Eligible for testing in January 2017

Removal of Dodd-Frank content

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