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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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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.

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AICPA FAR Exam Syllabus Topics: