Advanced Accounting Exam to Be Taken Separately... Major Overhaul of the Certified Public Accountant Exam

[Asia Economy Reporter Ji Yeon-jin] The certified public accountant (CPA) exam system is undergoing significant changes, including the addition of an information technology (IT) subject that must be completed in advance and the introduction of a new advanced accounting exam subject.

The Financial Services Commission announced on the 12th, during the Cabinet meeting, that the 'Enforcement Decree of the Certified Public Accountant Act,' which reorganizes the CPA exam subjects and scoring, was approved.

Currently, the 24 university credits required to take the CPA first exam consist of Business Administration (9), Accounting and Tax-related subjects (12), and Economics (3). IT-related subjects (3 credits) will be added, and the weight of Business Administration will be reduced by 3 credits.

Also, in the first exam, the scoring weight of Economics and Business Administration will be lowered from 100 points to 80 points, and the composition of the Commercial Law subject will be changed from the Bills and Checks Act to the External Audit Act and the Certified Public Accountant Act.

Although Financial Accounting, the core subject of the second exam, carries the largest weight of 150 points, it currently combines advanced accounting topics such as Chinese Accounting, Consolidated Accounting, and Derivatives Accounting. Due to concerns that candidates are giving up on advanced accounting, Financial Accounting (150 points) will be divided into Intermediate Accounting (100 points) and Advanced Accounting (50 points), with a separate exam for Advanced Accounting.

Cost Accounting has been renamed to Cost Management Accounting, considering the weight and importance of Management Accounting.

Furthermore, the revision includes a relaxation of the regulation that prohibits CPAs and their spouses from auditing companies with debt or credit relationships exceeding 30 million won, limiting the prohibition only to newly entering into debt or credit contracts or increasing existing contracts.

This content was produced with the assistance of AI translation services.