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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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How much Financial Accounting and Reporting (FAR) Exam Cost

The total cost of the CPA exam is around USD 800 that includes four sections. For this particular Financial Accounting and Reporting (FAR) Exam, the cost is estimated to be USD 200. Hover on to the official website of AICPA and choose your state for more pricing information. Candidates will face other costs like buying the FAR exam dumps pdf and then practicing for the exam via the FAR practice exams.

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Study Guide

Exam Contents

Exam process

FAQs and Guidess

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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 Pass4SureQuiz 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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