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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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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.

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

There are several ways to prepare for the Financial Accounting and Reporting (FAR) Exam. AICPA's official website provides tutorials on the exam content and also the sample FAR practice exams. These can be accessed via the “help” button against the sample tests provided on the website. Use the material on the internet to learn all the exam contents in detail and then take the practice sample tests through the AICPA website. To study for the Financial Accounting and Reporting (FAR) Exam, use the exam blueprints and study resources by accessing the links at the bottom of this document. Students are highly encouraged to join AICPA's Certification community where they can join students from all over the world and learn together. FAR exam dumps have ensured a 100% pass rate over the years so students are highly recommended to find these exam dumps on the Actual4Labs website and then test their knowledge on FAR practice exams. These are the best study materials one can get. For further exam self-study materials, refer to the links down below.

Hover on to AICPA's Website and take a look at study materials provided for the exam. Check for the topics mentioned in the Exam Outline section of this guide to review the online documentation, tip sheets, and user guides and study the details relevant to those topics. Refer to the links at the end of this document for more study material. As always, We recommend a combination of hands-on experience, completion of the training course, and self-study in the areas described in the Exam Outline section of this exam guide as preparation for this exam. After all sorts of study, test your understanding by taking the FAR practice test.

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AICPA FAR Exam Syllabus Topics: