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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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