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 2019, you should be aware of the cut-off date and testable material used for examinations to be delivered in 2019. You are expected to use the reference material electronically provided. 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 blueprint Common Final Examination blueprint For the 2019 CPA PEP module examinations and the CFE, this should be interpreted to mean that the following standards and legislation are testable: IFRS standards in the CPA Canada Handbook – Accounting that are in effect up to January 1, 2019 All other standards (ASPE, ASNFPO and CAS) in the CPA Canada Handbook with an effective date of December 31, 2018, which are included in the November 2018 release (or prior) tax legislation substantively enacted (which includes legislation introduced into the House of Commons) up to December 31, 2018 In addition, you are responsible for an awareness of standards changes that occur subsequent to the cut-off date, or that have been issued but are not in effect, at a Level C expectation (move to B at the Assurance Elective level), based on the following competencies: 1.1.4 explains implications of current trends and emerging issues in financial reporting (IFRS issued but not yet effective fall into 1.1.4). 4.2.2 explains the implications of pending changes in assurance standards. Note: 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 CPA Canada Standards and Guidance Collection The current CPA Canada Standards and Guidance Collection has been updated as of November 30, and is dated December 2018. IFRS: No noted exceptions ASPE and ASNPO: No noted exceptions Assurance: No noted exceptions Further details on taxation changes The Finance Minister released the 2018 Fall Economic Statement on November 21, 2018. This statement included significant changes to the calculation of capital cost allowance on purchases, providing for an Accelerated Investment Incentive on acquisition of qualifying assets after November 20, 2018. Several other tax measures were also identified in the statement. The legislation to enact these changes has not been introduced into parliament as of December 31, 2018, and therefore these changes are not testable. However, following the principle that you may apply a more current standard than what is required, on the CFE and on the PEP exam cases you may use the new rules in your case responses. To enable this, the reference schedule provided in the exam booklets will contain a CCA tax shield formula under both the old and proposed rules. Objective-format questions follow the cut-off dates outlined above. You are advised that the detailed enacted amendments to items found in the Knowledge Supplement are not listed here.