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:

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

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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

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

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 TestPDF 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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