CPA Canada has extended the prior IQEX Mutual Recognition Agreement (MRA) with NASBA/AICPA in the U.S. until October 31, 2017 for LEGACY CAs/CPAs who have passed the Canadian UFE and are members in good standing with their Provincial Institutes.
CPA Canada is hopeful that a new long-term agreement will be in place by that time that will include recent Canadian CPA graduates and those who obtained their Canadian CPA designations via the merger.
THERE IS, HOWEVER, A POSSIBILITY THAT THE AGREEMENT WILL NOT BE RENEWED, SINCE NEW CANADIAN CPAs AND FORMER CMAs/CGAs MAY BE DEEMED TO HAVE NOT HAD SUFFICIENT AUDIT EDUCATION AND/ OR EXPERIENCE TO MEET U.S. REQUIREMENTS. IT IS POSSIBLE THAT, EVEN IF THERE IS A NEW AGREEMENT, IT WILL REQUIRE AUDIT TESTING THAT IS NOT PART OF THE CURRENT MAKE-UP OF IQEX. NASBA MAY ALSO REQUIRE THE SUBMISSION OF PROOF OF (RECENT) AUDIT EXPERIENCE.
LEGACY CPAs should therefore register with NASBA on or before October 31, 2017. USCPA-NOW course materials are now available for the 4-hour exams in October/November 2017 or January/February 2018.
If you are a Legacy CPA, I strongly recommend that you take IQEX as soon as possible I have been informed that the current testing window has been extended to December 10, 2017. Note that both of the next two exams will encompass the current U.S. Income Tax Rules. You will not have to deal with the likely confusion resulting from a proposed tax system overhaul by President Trump.
I suggest that you register early to give yourself enough time to study. The Notice to Schedule your exam that you will receive from NASBA is valid for six months. You can defer a decision on when to write until you are at least part way through learning the material. You might defer writing until Jan/Feb 2018.
If you register before the end of September, you should have enough time to study for the October/ November /December 10th exam. If necessary, you can defer writing until as late as the end of February 2018.
If you are a recent graduate of the Canadian Professional Education Program or have received your designation via the CGA/CMA/CA merger, you will NOT be eligible to write IQEX in 2017. (Even if a favorable long-term agreement is signed in late September or October, you would not have sufficient time to prepare.)
My Comprehensive IQEX Program is also appropriate for Irish, Mexican, New Zealand, and Australian CAs and Hong Kong CPAs. A number of Hong Kong CPAs who have a good comprehension of written English have already successfully taken this course. There are no essays to write on the exam. USCPA-NOW will absorb the entire Priority Mail costs from the U.S. to Hong Kong or Mainland China.
Combine a world-recognized accounting designation with your professional educational responsibilities
USCPA-NOW provides a guided self-study program for $695 which includes reasonable email and/or telephone support from course developer Henry Zimmer. The home-study program will qualify registrants for around 60-75 hours of Continuing Professional Education. No other study materials are required for you to pass IQEX.
The USCPA-NOW 2017 materials now include an analysis and discussion of the 26 most likely topics to be tested by the 8 Task Based Simulations which comprise 50% of the exam.