No, IFRS (International Financial Reporting Standards) is no longer tested on the CPA exam. The AICPA removed IFRS and comparisons between IFRS and U.S. GAAP from the Financial Accounting and Reporting (FAR) section effective July 1, 2021, deeming it less relevant for entry-level U.S. CPAs.
2021 FAR Changes
The FAR section of the CPA Exam saw the elimination of the International Accounting Standards Board (IASB) framework and the IFRS versus U.S. GAAP content area.
CPA changes in 2025 focus on enhanced exam flexibility with continuous core section testing and an expanded June window for disciplines, plus new licensure pathways in many states offering alternatives to the 150-hour rule (like a bachelor's + 2 years experience). Key updates also include new exam blueprints emphasizing technology, data analytics, and practical application, moving away from rote memorization, all part of the ongoing CPA Evolution initiative to modernize the profession.
Beginning in July 2026, key provisions of OBBBA will be incorporated into the REG and TCP sections of the CPA Exam, making it essential for candidates to understand the law's content and implications. The largest 2026 CPA exam update will be the key provisions in OBBBA.
Students, recent graduates, and people with plenty of time to study should aim to sit for and pass 4 sections of the CPA Exam in about 6 months. This would have you taking an exam every 6-7 weeks and studying about 22-26 hours each week.
The basics: U.S. faces CPA shortage, with 124,200 new accounting jobs per year expect to open through 2034. Wiss expands recruiting beyond accounting majors and adopts AI tools.
Likewise, the AICPA has noted that 70% of CPAs will retire within 10 years. Thus, I see the profession using more individuals who are perhaps accounting or finance professionals — but who are not CPAs — simply out of need.
You have three attempts to pass a Core or Elective module-end examination. If you are unsuccessful on your third attempt of either the Core 1 or Core 2 examinations, you will be removed from the CPA PEP. For Cap- stone 1, if you are unsuccessful in the module, you will be required to repeat it.
REG pass rates rose under CPA Evolution from 58% in 2023 to 64% in 2025. The section covers federal taxation, business law, and ethics requirements. The improvement reflects the shift of substantial content to the new TCP discipline section, making the REG core section less voluminous.
CPA changes in 2025 focus on enhanced exam flexibility with continuous core section testing and an expanded June window for disciplines, plus new licensure pathways in many states offering alternatives to the 150-hour rule (like a bachelor's + 2 years experience). Key updates also include new exam blueprints emphasizing technology, data analytics, and practical application, moving away from rote memorization, all part of the ongoing CPA Evolution initiative to modernize the profession.
The difficulty of Dip IFRS depends on your accounting background, study habits, and access to the right support. It's a professional challenge—but not an impossible one.
Students should take the CPA exams between 2-3 months. If using 2 months to study, this will provide room to retake 1-2 exams and still finish within 12 months. If a student takes 3 months per exam, then they will need to pass each exam on the first try to pass in 12 months.
The CPA credential remains a cornerstone of the profession, but new data indicate its prominence is steadily declining. Between 2020 and 2024, the average percentage of staff holding CPA licenses across all firms dropped from 56.0 percent to 48.4 percent.
It's never too late to become a CPA. In fact, you may find the process more manageable at this stage in life.
Yes, tax attorneys generally earn more than CPAs because they handle complex legal issues, court representation, and high-stakes tax litigation, commanding higher fees than CPAs who focus more on accounting, financial planning, and return preparation, although both can earn high salaries, especially in senior roles at large firms. A tax attorney's specialization in law often leads to higher earning potential, with median lawyer pay significantly exceeding that of accountants, though specific salaries depend heavily on experience, firm size, and location.
Top 10 Toughest Exams in the United States
Absolutely. While public accounting firms highly value CPA certification, corporate employers, government agencies, and non-profit organizations also prefer CPA-certified candidates for senior financial positions. The credential provides credibility and expertise valuable across all sectors.