Update for 2024 CPA PEP examinations and the CFEs
If you are writing any Chartered Professional Accountants of Canada Professional Education Program (CPA PEP) module examination and/or the Common Final Examination (CFE) in 2024, you should be aware of the cut-off date and testable material used for examinations to be delivered in 2024. You are expected to use the reference material electronically provided. Note that starting in 2024, the “Risk Oversight and Governance Collection” will no longer be included in the examination reference materials.
As specified in the examination blueprints for the CPA PEP modules and the CFE, you are responsible for the standards and regulations that are in effect as of December 31 of the previous year:
- core modules blueprint
- elective modules blueprints
- Common Final Examination blueprint
For 2024, this should be interpreted to mean that the following standards and legislation are testable:
- International Financial Reporting Standards (IFRS) in the CPA Canada Handbook – Accounting that are in effect up to, and including, January 1, 2024
- all other standards in the CPA Canada Handbook – Accounting (ASPE, ASNPO) and all standards in the CPA Canada Handbook – Assurance with an effective date of December 31, 2023, which are included in the November 2023 release (or prior)
- tax legislation substantively enacted (which includes legislation passing third reading in the House of Commons during a minority government) up to December 31, 2023
In addition, you are responsible for an awareness of changes that occur subsequent to the cut-off dates, or that have been issued but are not in effect, at a Level C expectation at Core, and moving to Level B in the Assurance and Taxation Electives, based on the following competencies:
- 1.1.4 explains implications of current trends, emerging issues and technologies in financial reporting (IFRS issued but not yet effective fall into 1.1.4)
- 4.2.2 explains the implications of current trends, emerging issues and technologies in assurance standards and methodologies
- 6.1.3 explains implications of current trends, emerging issues and technologies in taxation
Reminder: You may always apply a more current standard than what is required (recognizing that the reference material provided is only updated once a year) on the CPA PEP and CFE case portion of the examinations. However, this is not possible with the CPA PEP objective-format examination questions, where the effective date must be known. Therefore, objective-format questions follow the cut-off dates outlined above.
Further details on financial reporting and assurance changes
IFRS: No exceptions noted.
ASPE and ASNPO: No exceptions noted.
Assurance: No exceptions noted.
Further details on taxation changes
The Minister of Finance released the 2023 Federal Budget on March 28, 2023, and the Fall Economic Statement on November 21, 2023, both of which included a number of tax measures. Only some of the Federal Budget measures were enacted during 2023 and none of the Fall Economic Statement measures were enacted, though several of the measures were included in Bill C-59, which is only at the second reading stage as of December 31, 2023. In a minority parliament, this bill is not considered to be substantively enacted.
Specific measures relevant to CPA candidates that have been proposed but not substantively enacted as of December 31, 2023, include changes to the Alternative Minimum Tax (AMT), changes to the General Anti-Avoidance Rule (GAAR), and the introduction of several investment tax credits for investments such as carbon capture utilization and storage, clean hydrogen, clean technology, clean technology manufacturing, and clean electricity.
However, following the principle that candidates may apply a more current standard than what is required, on the CFE and on the PEP exam cases, should these measures be substantively enacted during 2024, candidates may use the new rules in their case responses. Objective-format questions follow the cut-off dates outlined above.