Updates

CMA Part 2 Textbook Update October 2018

The CMA Part 2 Textbook has been updated, and the new files are available for current students to download in My Studies.

The only major change in this update is that the whole topic of Risk Management (Section D in Volume 2) has been revised to reflect the most recent COSO document, Enterprise Risk Management: Integrating with Strategy and Performance. Candidates who have already studied Section D should review the new book to familiarize themselves with the latest guidance from COSO. All of the other changes were minor clarifications and re-arranging content for better flow, and there is no need to re-study any other topics.

If you have any questions about these changes, please contact us and we will be glad to assist you.

You can also learn more about the HOCK CMA Textbooks and other exam prep materials if you are not already a HOCK student.

CMA Part 1 Textbook and Questions Update July 2018 – for 2019 CMA Exams

The CMA Part 1 Textbook, Questions, and Flash Cards have been updated with all of the current accounting standards that will be tested on the CMA exams beginning in January 2019, including the new revenue recognition standard. A detailed list of changes is not available because the changes, particularly where revenue recognition is concerned, were extensive throughout all of Section A. There are no significant changes to the syllabus, accounting standards, or textbook in Sections B through E. Current students can access the updated materials in My Studies.

Updated videos for changed topics in Section A are coming soon and will be posted in My Studies as they are recorded.

Note: The newer accounting standards covered in the July 2018 update will not be tested until the January/February 2019 testing window. Candidates studying for the September/October 2018 exams should continue to use the previous version of the materials, which are all still available in My Studies through October.

You can also learn more about the HOCK CMA Textbooks and other exam prep materials if you are not already a HOCK student.

CMA Fundamentals Volume 2 Textbook Update July 2018

The CMA Fundamentals Volume 2 Textbook has been updated with all of the current accounting standards that will be tested on the CMA exams beginning in January 2019, including the new revenue recognition standard. A detailed list of changes is not available because the changes, particularly where revenue recognition is concerned, were extensive throughout the entire volume.

Note: The newer accounting standards covered in the July 2018 update will not be tested until the January/February 2019 testing window. Candidates studying for the September/October 2018 exams should continue to use the February 2017 version, which is still available to download in My Studies.

You can learn more about the CMA Fundamentals e-Book here, and the updated textbook file is available to download for current students in My Studies.

CPA Audit Textbook and Videos Update June 2018

The CPA Audit Textbook and Videos have been updated with changes related to the latest accounting standards. The significant changes are listed below and the new content is available for current students in My Studies.

Candidates should review the changed material in the updated textbook and/or videos. If you have any questions about these changes, please contact us and we will be glad to assist you.

You can also learn more about the HOCK CPA and other exam prep materials if you are not already a HOCK student.

Area II

  • Expanded discussion of Audit Risk at the beginning of Area II.

Area III

  • Added new guidance for the Going Concern Assessment.

Area IV

  • Added discussion of the new PCAOB AS 3101 Standard on Audit Opinions.
  • Added discussion of the new standard on audit involvement with exempt offering documents.

CPA FAR Videos Update May 2018

The CPA FAR Videos have been updated to reflect the recent changes in the textbook related to the latest guidance for ASC 606 (Revenue Recognition). The significant changes are listed below and the new videos are available for current students to watch in My Studies.

Candidates should review the changed material in the updated videos. If you have any questions about these changes, please contact us and we will be glad to assist you.

You can also learn more about the HOCK CPA and other exam prep materials if you are not already a HOCK student.

All Changes Are In Area II

Group C: Inventory

  • Permanent Decline in Value replaced Lower of Cost or Market

Group E: Investments

  • All of the Videos in Investments have been replaced.

Group G: Payables and Accrued Liabilities

The following three videos replaced Estimated Liabilities:

  • Estimated Liabilities – Compensated Absences
  • Estimated Liabilities – Warranties
  • Estimated Liabilities – Coupons and Premiums

Group J: Revenue Recognition

  • All of the Videos in Revenue Recognition have been replaced to conform to the changes in ASC 606.

CPA FAR Textbook Update May 2018

The CPA FAR Volume 1 Textbook has been updated with some additional changes, mostly related to the latest guidance for ASC 606 (Revenue Recognition). The significant changes are listed below and the new files are available for current students to download in My Studies.

Candidates should review the changed material in the updated book. If you have any questions about these changes, please contact us and we will be glad to assist you.

You can also learn more about the HOCK CPA and other exam prep materials if you are not already a HOCK student.

All Changes Are In Area II

Group B: Trade Receivables

  • Header, “Sales Returns,” changed to “Sales Returns and Allowances” and expanded to conform to guidance in the new revenue recognition standard, ASC 606.

Group C: Inventory

  • Header, “Recognizing Permanent Declines through the Lower of Cost or Market” changed to “Recognizing Permanent Declines in Inventory Values” and updated for the change in accounting standards requiring valuation of inventory at the lower of cost or NRV for inventory methods other than LIFO or the Retail Method.

Group E: Investments

  • The topic has been reorganized for improved clarity.
  • A new topic, “Accounting for the Transfer of Debt Securities Between Classifications,” has been added.
  • A new topic, “The Fair Value Option for Investments in Debt Securities,” has been added.
  • The information in the topic “Changing from the Fair Value or Cost Method to the Equity Method” has been updated for the change in accounting standards in ASU 2016-07.
  • A new topic, “The Fair Value Option to Account for Equity Investments Where the Investor Has Significant Influence,” has been added.

Group G: Payables and Accrued Liabilities

  • The topic “Unearned Revenue” has been changed to “Contract Liabilities” and the information in the topic has been revised to conform to the new revenue recognition standard in ASC 606.
  • The topic “Income Taxes Payable” has been updated to reflect the revised accounting standard that all deferred tax assets and liabilities are non-current assets and liabilities.
  • The topic “Warranties” has been updated to conform to the revised guidance in the new revenue recognition standard, ASC 606.
  • The topic “Premiums and Coupons” (now retitled “Coupons and Premiums” to agree with the order in which those two topics are now discussed) has also been revised to conform to the revised guidance in the new revenue recognition standard, ASC 606.

Group H: Long-Term Debt

  • The topics “Changes in Fair Value Due to Changes in Market Interest Rates Reported in Net Income” and “Changes in Fair Value Due to Changes in the Creditworthiness of the Issuer Reported in OCI” have been added to incorporate changes in accounting standards.
  • The topic, “The Fair Value Option for Bonds Payable” was added.

Group I: Equity

  • The information in the topic “Authorized Shares” on how the number of authorized shares can be changed has been revised significantly and a misstatement corrected.

Group J: Revenue Recognition

  • The whole topic of Revenue Recognition has been revised to conform to the changes in ASC 606.

Earnings Per Share

  • Information about additional required disclosures has been added to “EPS Disclosures.”

The Statement of Cash Flows

  • New accounting standards have made some additions to the specific items included in cash flows from operating activities, investing activities, and financing activities, and those additions have been made to this discussion.
  • New accounting standards have included restricted cash and restricted cash equivalents (along with cash and cash equivalents) as part of the definition of “cash” for purposes of reporting activities on the statement of cash flows, and that information has been added.

CMA and CIA ExamSuccess Updated (April 2018)

CMA and CIA ExamSuccess for Windows and Mac have been updated with newer question databases. The new versions can be downloaded in My Studies. We recommend that all candidates studying for either exam update their software; all existing sessions and history will be preserved.

The updated questions are already live in ExamSuccess Online and no update is required.

CMA Parts 1 and 2 Study Plans Update February 2018

The Study Plans for CMA Parts 1 and 2 have been updated with check boxes next to each topic to read, video to watch, and questions to practice. The boxes can also be checked off electronically if you’re following the study plan in the PDF.

HOCK students can download the latest Study Plans from My Studies, and the Study Plans are also available for free on the CMA Study Plans page.

You can also learn more about the HOCK CMA Textbooks and other exam prep materials if you are not already a HOCK student. Start studying today!

CMA Part 1 Updates December 2017

The CMA Part 1 Study Materials have been updated, and all of the updated materials are available for current students to download in My Studies.

Changes in this December 2017 update include:

  • Textbook: Information covering old accounting standards that are no longer tested was removed, topics were re-ordered to follow the LOS order, and some long examples were removed or shortened to focus on the core principles and concepts tested on the exam.
  • Videos: Several videos were re-recorded to reflect changes in accounting standards.
  • ExamSuccess, Essays, and Mock Exams: Questions that included previous accounting standards have been updated, and some questions were re-categorized to match the new textbook.
  • Study Plan: Where necessary, the study plan was updated to reflect the latest updates to the textbooks, questions, and videos.

None of the changes are major, and if you are currently studying Part 1, you do not need to re-study anything. If possible, you can switch to the new textbook when you reach a major new topic, but the previous book can still be used for the exams in 2018 if that is most convenient for you. If you have any questions about these changes and how they relate to your studies, please contact us and we will be glad to assist you.

You can also learn more about the HOCK CMA Textbooks and other exam prep materials if you are not already a HOCK student.

CPA FAR 2018 Updates – Textbook, Questions, and Videos

The 2018 CPA exams do not have many changes from 2017, but there are a few important changes in FAR. The HOCK Textbooks and Videos have all been updated, and our partner FastForward has updated the questions in the question bank. Updates were made to reflect syllabus and accounting changes in the following FAR topics:

  1. Investment Accounting
  2. Revenue Recognition
  3. Pensions
  4. Deferred Taxes
  5. Statement of Cash Flows
  6. Business Combinations
  7. Not-for-Profit Company Disclosures

All HOCK CPA materials are ready for 2018 and are posted in My Studies for all HOCK CPA students.

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