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The Personal Financial Planning Body of Knowledge has been updated by the American Institute of CPAs. The new publication provides guidance and clarity on the competencies and information that CPAs who provide financial planning services need to know. The AICPA also plans to release a Global Personal Financial Planning Body of Knowledge this year.
A key change is the the tax planning component which has been integrated in 12 service areas instead of being provided as a stand-alone section.
The PFP guide has added information in the following planning areas: Elder, Special Needs, and Chronic Illness; Closely-held Business; Education; and Client Relationship Building.
The updates to the Body of Knowledge will be incorporated in the AICPA's Personal Financial Specialist credential exam, which is scheduled to be launched in July.
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