Topics of Financial Accounting and Reporting (FAR) Exam

The syllabus for the Financial Accounting and Reporting (FAR) part of the Certified Public Accountant (CPA) Exam can be found in the FAR exam dumps and is also listed below with detail of each area of concern and their topics:

Area 1 - Conceptual Framework, Standard-Setting and Financial Reporting (25-35%)

Objectives covered by this section:

• Statement of financial position
• Statement of activities
• Notes to financial statements
• Special purpose frameworks
• Statement of changes in equity
• Financial statements of employee benefit plans
• Public company reporting topics (U.S. SEC reporting requirements, earnings per share, and segment reporting)
• Discontinued operations
• Consolidated financial statements (including wholly-owned subsidiaries and noncontrolling interests)
• Statement of cash flows
• Balance sheet/ statement of financial position
• General-purpose financial statements: for-profit business entities
• Going concerned
• Statement of comprehensive income
• Income statement/ statement of profit or loss
• General-purpose financial statements: nongovernmental, not-for-profit entities
• Conceptual framework and standard-setting for business and non-business entities

Area 2 - Select Financial Statement Accounts (30-40%)

Objectives covered by this section:

• Intangible assets - goodwill and other
• Stock compensation (share-based payments)
• Income taxes
• Notes and bonds payable
• Investments
• Inventory
• Debt covenant compliance
• Property, plant, and equipment
• Revenue recognition
• Retirement benefits
• Financial assets at fair value
• Equity method investments
• Financial assets at amortized cost
• Compensated absences
• Long-term debt (financial liabilities)
• Cash and cash equivalents
• Equity
• Payables and accrued liabilities
• Trade receivables

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

• Contingencies and commitments
• Research and development costs
• Subsequent events
• Nonreciprocal transfers
• Derivatives and hedge accounting (e.g. swaps, options, forwards)
• Software costs
• Foreign currency transactions and translation
• Business combinations
• Leases
• Differences between IFRS and U.S. GAAP
• Fair value measurements
• Accounting changes and error corrections

Area IV - State and Local Governments (5-15%)

Objectives covered by this section:

• Fiduciary funds financial statements
• Expenditures and expenses
• Notes to financial statements
• Format and content of the financial section of the comprehensive annual financial report (CAFR)
• Special items
• Interfund activity, including transfers
• Deriving government-wide financial statements and reconciliation requirements
• Nonexchange revenue transactions
• General and proprietary long-term liabilities
• Budgetary comparison reporting
• State and local government concepts
• Typical items and specific types of transactions and events: measurement, valuation, calculation, and presentation in governmental entity financial statements
• Capital assets and infrastructure assets
• Management's discussion and analysis
• Required supplementary information (RSI) other than management's discussion and analysis
• Governmental funds financial statements
• Net position and components thereof
• Government-wide financial statements
• Fund balances and components thereof
• Proprietary funds financial statement
• Budgetary accounting and encumbrances
• Financial reporting entity, including blended and discrete component units
• Other financing sources and uses

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How to Prepare For Financial Accounting and Reporting (FAR) Exam

Preparation Guide for Financial Accounting and Reporting (FAR) Exam

Introduction

The Financial Accounting and Reporting FAR exam test is part of the uniform CPA examination and is administered by the American Institute of Certified Public Accountants (AICPA). The American Institute of Certified Public Accountants (AICPA) is the United States national professional association of Certified Public Accountants (CPAs), with more than 418,000 members in business and industry, public practice, government, education, student affiliates, and foreign associates in 143 countries. Established in 1887, the association sets ethical guidelines for audits of private businesses, non-profit organizations, federal, state, and local governments for the profession and U.S. auditing standards. It also establishes the Standardized CPA Test and rates it. The AICPA has offices in New York City; Durham, NC; Washington DC; and Ewing, NJ.

For practitioners aspiring to become CPAs, the Standardized Certified Public Accountant test is a credentialing exam. It is graded and governed by the American Institute of Certified Public Accountants (AICPA) and by the National Association of State Accountancy Boards (NASBA).

This exam guide is intended to get you to know about the exam details and help you to prepare for the Financial Accounting and Reporting FAR exam test successfully. This guide includes information on the certification test target audience, recommended preparation FAR exam dumps and documentation, and a full list of exam targets, all to help you obtain a passing grade. To increase your chances of passing the test, AICPA strongly recommends a mix of on-the-job experience, course attendance, and self-study.

What is the duration, language, and format of the Financial Accounting and Reporting (FAR) Exam

• Format: Multiple choice, Task-based simulations, research prompts
• Duration of Exam: 4 hours
• Passing score: 75
• Language of Exam: English

How to book the Financial Accounting and Reporting (FAR) Exam

Follow the steps mentioned below to book the Financial Accounting and Reporting FAR exam test:

• Step 1: Determine your eligibility from the NASBA website by clicking here
• Step 2: Select a jurisdiction where you want to become a licensed CPA
• Step 3: Access the application by clicking here
• Step 4: Complete the application and submit all required documents
• Step 5: Schedule your exam by following this link

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