CPA US

The Certified Public Accountant (CPA) designation in the United States and the Chartered Accountant (CA) designation in India are both prestigious accounting certifications, but they have several key differences:

Professional Organizations

CPA: Issued by the American Institute of Certified Public Accountants (AICPA) in the United States.
CA (India): Issued by the Institute of Chartered Accountants of India (ICAI).

Educational Requirements

CPA: Requires a bachelor’s degree with a specified number of accounting and business courses, typically 150 credit hours of education.
CA (India): Requires passing the CA Foundation, Intermediate, and Final exams, which can be pursued after 10+2 education.

Examination Structure

CPA: Consists of a four-part exam covering auditing and attestation(AUD), business environment and concepts (BEC), financial accounting and reporting (FAR), and regulation (REG). 2024 onwards BEC will be replaced by 3 optional disciplinary subjects:
Business Analysis and Reporting (BAR) Information Systems and Controls (ISC) Tax Compliance and Planning (TCP)
CA (India): Involves multiple levels of exams, including theoretical, practical, inter and final exams, covering subjects like accounting, taxation, law, and auditing.

• CA Foundation course examination (4 papers)
• CA Intermediate examination (8 papers)
• CA Final examination (8 papers)

Duration

CPA: The time required to become a CPA can vary, but it typically takes 1-2 years to complete the educational and exam requirements.
CA (India): Becoming a CA in India can take 4-5 years or more due to the multi-stage exam process.

Curriculum

CPA: Focuses on U.S. Generally Accepted Accounting Principles (GAAP) and U.S. tax laws.
CA (India): Covers Indian accounting standards, taxation laws, and business regulations.

Global Recognition

CPA: While primarily a U.S. qualification, it is recognized internationally, and CPAs can practice in various countries with some additional requirements.
CA (India): Primarily recognized in India, although Indian CAs can also work in other countries but may need to meet additional requirements.

Specializations

CPA: Allows for various specializations, including forensic accounting, taxation, audit, information systems, compliance and planning, business analysis & reporting.
CA (India): Offers specialized courses within the CA framework, such as Information Systems Audit (ISA) and Insurance and Risk Management (IRM).

Regulatory Environment

CPA: Regulated by state boards of accountancy in the U.S., leading to variations in licensing requirements across states. The CPA exam is conducted by the AICPA.
CA (India): Regulated by the ICAI, providing uniform standards across India.

Both certifications have their merits and are highly respected within their respective regions. The choice between CPA and CA often depends on one’s career goals, location, and area of interest within the field of accounting.To know more about CPA US check: www.upliftprofessionals.in/us-cpa-course.

For further information/assistance, contact:

www.upliftprofessionals.in

The accounting and finance domain is currently experiencing a fast-track mode where crucial role is played by the ongoing technological advancements. This is acting as a pivot to professional accountants for management and processing of high throughput financial data. Blockchain technology originally developed for cryptocurrencies such as bitcoins, emerged as a trending system and gaining popularity in various industrial sectors and becoming a changing force in the metamorphosis of accounting arena per se. In this article, we will explore the impact of blockchain technology on accounting practices, its benefits, challenges, and the future it holds for the field. Cryptocurrency like bitcoins emerged as a new intangible transaction mode using digital currencies which is currently lacking a method to be accounted for under U.S. generally accepted accounting principles (U.S. GAAP). Let us discuss the pros and cons of blockchain technology and its future impact in professional accounting domain.

Increased Lucidity and Confidence in Accounting

Blockchain technology offers an unchangeable and scattering form of ledger system to make the transactions more transparent and secured. An accountant can record every financial transaction on the blockchain, creating a transparent and auditable trail of data. It provides real-time access to the same data by all concerned persons in a trustworthy manner without any intermediate stage.

Sleek Auditing and Compliance

Blockchain technology brings cost effectiveness and efficiency in traditional auditing practice which is a time-consuming process otherwise. Blockchain technology, thus streamlining the auditing by making it error free and eliminating the need of manual verification steps. This has major impact on increased compliance with various regulatory criteria.

Automation in Accounting

Blockchain technology, through its smart contract mode can automate the repetitive daily jobs like preparation of invoices, settlement of payments etc. in an error free manner. This helps the qualified and skilled accountants to focus on more high value chore like strategic decision making rather than routine accounting procedures.

Automation in Accounting

Blockchain technology, through its smart contract mode can automate the repetitive daily jobs like preparation of invoices, settlement of payments etc. in an error free manner. This helps the qualified and skilled accountants to focus on more high value chore like strategic decision making rather than routine accounting procedures.

Data Security

Since Blockchain technology is based on decentralization and cryptography, every transaction is encrypted and linked with the previous one chain wise which makes it difficult to tamper thus facilitates enhanced protection preventing data fraud in the system.

Cost effective

Blockchain technology bypasses the various manual intermediary steps in accounting thus providing efficiency and huge reduction in the accounting cost by automating the routine accounting jobs as well.

Challenges to Overcome

It must be kept in mind that the Blockchain technology is quite new and is still evolving. So, obviously certain obstacles are likely to be there that need consideration to overcome. Since a struggle is there with processing speed of high through put transaction data, scalability of Blockchain is currently a challenge. Moreover, effective amalgamation of blockchain technology with the traditional accounting system is also a point of concern regarding compatibility and compliance with the regulatory systems. The induction of cryptocurrency in accounting is also an issue to be resolved.

It is evident that induction of Blockchain technology with its enormous benefits can be a threat to disrupt the conventional accounting practice. Since Blockchain provides enhanced transparency, streamlined auditing, automation, data protection and storage, elimination of fraud in a cost-effective manner, the entry of Blockchain in professional accounting field is only a matter of time. Despite certain challenges, the potential of Blockchain technology in accounting cannot be ignored. We must keep it in mind that the Blockchain technology is still evolving in a great pace. To cope with this, accountants and financial professionals must upgrade themselves to adapt and accept the metamorphic might of blockchain to stay afloat above others in the ever-changing sea of accounting and finance.

Nowadays all international professional bodies like the IMA US or AICPA are providing courses on Blockchain and Cryptocurrency once you be their registered member and pursue courses like the CMA US or CPA US .

For further information/assistance, contact:

www.upliftprofessionals.in

In recent years, rapid development and invasion of technology is being visible in every professional knowledge sector and accounting domain is not an exception to this. The accounting profession is thus going to face so many challenges in near future and needs upskilling. Certified Public Accountant (CPA US) being a highly recognized global professional accounting credential, is also facing the threat of below at par with its existing syllabus and courseware. From here, a new initiative has been started currently known as the “CPA Evolution.” This initiative has been taken by The American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) to combat the above-mentioned challenges which involve the revamping and restructuring the CPA Exam into a new CPA core-plus-discipline licensure model from 2024 onwards.

CPA Syllabus 2024

It has been proposed that from 2024, the entire CPA syllabus will be presented in a Core -Discipline model format. Among the all 4 previous sections, the BEC part will be replaced by 3 Discipline module from which the candidate can choose any one along with the three Core subjects, thus the exam remains in a 4-part format as before.

The Core Subjects in CPA 2024 Syllabus

1.AUD
2.FAR
3.REG

The Disciplines Subjects in CPA 2024 Syllabus

1.Business Analysis and Reporting (BAR)
2.Tax Compliance and Planning (TCP)
3.Information System and Controls (ISC).

Hence, it is obvious that as par the new 2024 CPA syllabus, the CPA exam will include three core exams (AUD, FAR and REG) and one discipline exam of choice (either BAR, ISC or TCP). It is to be noted that while the names of the core exams remain the same, the content of each is changing. Moreover, technology and data analytics are now become a core component spanning over all 6 subjects in the proposed core-discipline model of the CPA evolution.

Which Discipline of CPA 2024 Syllabus One should Select?

To start with, you should keep it in mind that all 3 disciplines have equal importance in your CPA career nothing more nothing less. First identify your interest and inclination to the topic. As for example, if you have interest in advisory services, financial statement analysis and reporting, technical accounting, and operation management etc., it is better to select BAR as your discipline subject.

Similarly, if you want to build your career in taxation and compliances, TCP should be your cup of tea.

On the other hand, if you have affinity towards computers, data management, information technology etc., it would be better to opt for ISC as your discipline subject for CPA exam 2024.

The CPA evolution has redesigned the CPA syllabus 2024 to develop future ready professional accountants who can take up the technological challenges with ease. It is expected that this revamping will make the CPA exam a little bit harder than its existing format. At the same time, it is also expected that CPA 2024 syllabus with its core-discipline model will equip you with advanced knowledge and skill in your CPA credential. No matter what discipline you opt, each one has importance of its own in the trending and changing accounting arena.

For further information/assistance, contact:

www.upliftprofessionals.in

When we talk about the Certified Public Accountant (CPA) credential, we often discuss the repute and potential of this coveted accounting certification. We also know about the pattern and syllabus of this exam and licensing procedures obviously if we are serious about the CPA title. But, are we aware of the CPA Evolution initiative? Are we aware that the Unified CPA Exam is changing significantly in January 2024? Before jumping in to the bandwagon, it is important to know about this initiative and the upcoming changes to the CPA Exam to fully understand how it might impact the sojourn to CPA licensure. The question often comes to mind whether it is applicable to the current CPA pursuant or not? The answer to this stands as if you pass and retain credit for all four CPA Exam sections by December 31, 2023, the changes to the CPA Exam will NOT impact your journey. If you will still be working your way through the CPA Exam in January 2024 and beyond then the information about the CPA Evolution-aligned CPA Exam (the 2024 CPA Exam) and transition policy are most important to understand.

The Present CPA Exam Areas – the 4 Core Sections

The 4 Sections which a CPA aspirant has to clear through separate exams for each section is mentioned below.

Metamorphosis: The Proposed Forthcoming Areas of CPA Exam

According to the proposed initiative, the following structural plan for the CPA exam will be implemented from January, 2023.

The new CPA licensure and CPA Exam model is a Core + Discipline model. In this model, there are 3 core areas involve accounting, auditing, and tax that are mandatory to complete by all candidates. Furthermore, each candidate must opt for a Discipline section for demonstration of greater skills and knowledge. Technology knowledge and skills will be tested in all sections, as it pertains to each section. Irrespective of a candidate’s optional discipline, this model leads to a full CPA license, with rights and privileges consistent with any other CPA. The Discipline section selected for testing does not mean the CPA is limited to that practice area. The new Disciplines reflect three pillars of the CPA profession as mentioned below.

• Business Analysis and Reporting (BAR)
• Information Systems and Controls (ISC)
• Tax Compliance and Planning (TCP)

CPA Evolution: The Transition Policy for Each Section

The transition policy was recommended to the Boards of Accountancy by the NASBA CBT Administration Committee which states that Candidates who have credit for AUD, FAR or REG on the current CPA Exam will not need to take the corresponding new core section of AUD, FAR or REG on the 2024 CPA Exam. Candidates who have credit for BEC on the current CPA Exam will not need to take any of the three discipline sections. If, however, a candidate loses credit for AUD, FAR or REG after December 31, 2023, they then must take the corresponding new Core section of AUD, FAR or REG. A candidate who loses credit for BEC after December 31, 2023, must select one of the three Discipline sections to be tested. It is important to note that none of the sections of the current CPA Exam will be available for testing after December 31, 2023. There is a hard cutover from the current CPA Exam sections to the 2024 CPA Exam sections on the January 2024 launch.

Break-up of the New CPA Evolution Exam Design

The forthcoming changes in the new CPA exam pattern is depicted below for convenience. The duration is fixed while the number of MCQs and Task Based simulations(TBS) vary.

Key Facts on CPA Evolution Exam Pattern

The important points to remember about the changing pattern and implications are mentioned below.

The Credit Extension of New CPA Evolution Exam

CPA Evolution Exam Section wise Changes

There are additions/modifications of contents in the new CPA exam sections which one must get accustomed to before starting the CPA journey in the coming year. Salient features of the changes are depicted below.

Some Other Changes for Newly Revolutionized CPA

CPA Evolution Dates to Remember

Summary

The amalgamation of new interdisciplinary domains in this CPA evolution will make a CPA more compatible in the new age financial arena. It has never been a more exciting time to pursue the CPA license. The role of today’s CPA has evolved, and newly licensed CPAs are taking on increased responsibilities that were traditionally assigned to more experienced staff. Becoming a CPA means you will need greater skill sets and competencies, and a greater knowledge of emerging technologies. That is why the CPA Evolution initiative is underway. It is a joint effort of the National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA).

For Further Information/Assistance, Contact:

www.upliftprofessionals.in

Certified Public Accountant, USA (CPA US) is one of the most coveted and sought after courses in accounting and finance in a global perspective. For a budding accountant or a finance professional, CPA helps to boost the career in a more colorful manner. It has two parts: CPA exam and CPA license. While passing the CPA US exam can help one to get a job the CPA license gives the right to practice independently. Being an US driven international course, it often raises the question whether a non-US rather than an Indian student can get access to pursue the CPA US course from their own region or not. Answer to this question is highly affirmative. However, Indian candidates must follow the guided path to achieve the CPA US credential they dream of. Let us discuss.

Check your academic eligibility first

• Make sure you have 120 credit points in the commerce stream. In the Indian graduation system of 3 years, 30 points are allocated for each year. Thus, a B. Com got 90 points. To make it eligible, you need to have either a post-graduation or MBA or a member of the ICAI/ICWA.
• There is an exception. A 3-year B. Com graduate can obtain the required 120 points, if he or she obtains a First class/division from a NAAC ‘A’ accredited university.
• It has to be noted that the US federal structure has 55 states having their own CPA board and criteria. Although the majority of the states follow these 120 credit norms, there are certain states which require 150 points instead. The same 150 credit norms are universally required to get a CPA US license.

The two CPA Bodies who govern the CPA US certificate 

1. AICPA-The American Institute of Certified Public Accountants (AICPA) conducts the CPA US examination.
2. NASBA-The National Association of State Boards of Accountancy (NASBA) is the highest body of all state boards which guides the administrative pathway by different state boards in the CPA US journey.

How to Apply for CPA US?

• Apply for transcripts from your respective university.
• Send the transcripts to NASBA or any other specified agency for evaluation.
• Upon successful evaluation, the candidate will receive the written confirmation of eligibility for the US CPA exam.
• Select your state board jurisdiction that suits you.

The CPA US Exam Procedure

The 4-part exam of 4 hours each is online through prometric centers located in various Indian cities including the metros. After paying the exam fee and acceptance of application, the candidate will receive a Notice to Schedule (NTS) which is required to book the exam slot in the prometric. The 4 papers Of US CPA exam are as follows:

• Auditing and attestation (AUD)
• Businesses environment and concepts (BEC)
• Financial Accounting and Reporting (FAR)
• Regulation (REG).

The pattern of the examination is divided into Multiple Choice Questions (MCQ), Task-Based Simulations (TBS) and one Written Component (WC). It is noteworthy that all four papers must be completed within a time period of 18 months.

Licensing of CPA

The requirements for CPA US licensing vary across the US states. However, having a 150 credit score is mandatory for most of the state bodies. In order to obtain the US CPA license, a candidate must fulfil the following:

• Clearing of AICPA Ethics exam
• Having the required work experience
• By paying the licensing fees.

ASPIRING CPA WITHOUT SOCIAL SECURITY NUMBER (SSN): IS THERE A WAY Out?

International CPA exam candidates often need to overcome several obstacles in order to get qualified for the exam. One such obstacle is the social security number (SSN). Rest assured that, in most cases, you can still sit for the CPA exam without the SSN.

What is Social Security Number?

A social security number is a 9-digit number issued to U.S. citizens, permanent residents, and temporary workers in order to track these individual for social security purposes. Regulated industries such as the CPA often require their licensees to submit the SSN to facilitate monitoring.

What about the Indian Students?

The AICPA has a helpful table showing the CPA exam requirements by state. Although almost all states ask for the social security number in the application form, a considerable number of them give special waivers to international CPA exam candidates or those who do not have the SSN, such as H4 visa holders.These candidates can submit an affidavit (as in Montana), or write a letter to the state board to explain the situation (as in Colorado). You can send a quick email to the respective state boards for clarification.

List of States which don’t require SSN

Alaska, Guam, Maine, Illinois, Michigan, Montana, New Mexico, New York, North Dakota, Northern Mariana Islands, Wisconsin.

Some Flexible States suitable for Indian Students

Illinois — Standard Exam Rules but Flexible Experience Requirement

Virginia: May Accept BCOM + CA; Your Supervisor/Verifier doesn’t Need to be a CPA

Guam: 150 Credit Hours + No Experience Needed if You Don’t Mind the Inactive License

Alaska:  Can Sit Before Getting 120 Credit Hours

Washington: Experience can be Verified by Someone other than Your Boss

CPA Exam Cost:

The overall cost for an Indian student to pursue US CPA stands around 3.5-4 lakhs in average for the entire procedure including the administrative costs. In India, a candidate giving an examination of US CPA is required to spend approximately INR 2,00,000 without a training fee.

Scope of CPA US

The most preferred areas of US CPAs are auditing and taxation which are considered best and financially rewarding in both Indian and international context. A CPA US can work in various fields ranging from accounting, auditing, US taxation, consulting, etc. The average pay scale of a US CPA in India is 7 lacs approx. which increases with experience and type of employers. Apart from various Indian based MNCs, Big 4 companies like KPMG, PwC, Deloitte, EY, etc. have many US clients that require US CPA candidates for auditing, taxation purposes. In addition, Popular US-based companies like Apple, Amazon, Capgemini, Cognizant, etc. require US CPA candidates for US taxation, auditing etc.

Summary

CPA US is a very uplifting credential in the career growth of a finance guy. It is highly respected and recognized in the fraternity, and thus is not a soft cake to cut. No doubt, It helps in career development, gives career security, job satisfaction and various monetary benefits, but to achieve that, you need proper dedication and a mind set. Selecting the right jurisdiction/state board is of immense value. The SSN is typically not the bottleneck in the CPA exam qualification process. Candidates should instead look closely at the education and experience requirement first. but not the least, selecting a high-quality student friendly training institute like Uplift Pro helps a lot to achieve your dream CPA US credential at first attempt.

For further information/assistance, contact: https://www.upliftprofessionals.in/us-cpa-course