Technical update for 2020 CPA PEP examinations and the CFE

Learn about the technical updates that affect the examinable material for CPA PEP examinations and the CFE in 2020.

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 2020, you should be aware of the cut-off date and testable material used for examinations to be delivered in 2020. 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:

For the 2020 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, 2020
  • All other standards (ASPE, ASNFPO and CAS) in the CPA Canada Handbook with an effective date of December 31, 2019, which are included in the November 2019 release (or prior)
  • tax legislation substantively enacted (which includes legislation introduced into the House of Commons) up to December 31, 2019

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, 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.

Note: These competencies are excerpted from the 2019 CPA Competency Map, which will be in effect for the September 2020 CFE. The previous Competency Map is in effect for the May 2020 CFE.

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

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 2019.

IFRS: No noted exceptions
ASPE and ASNPO: No noted exceptions
Assurance: No noted exceptions