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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

For more info read reference:

Study Guide

Exam Contents

Exam process

FAQs and Guidess

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

Follow the steps mentioned below to book the Financial Accounting and Reporting FAR exam test:

• Step 1: Determine your eligibility from the NASBA website by clicking here
• Step 2: Select a jurisdiction where you want to become a licensed CPA
• Step 3: Access the application by clicking here
• Step 4: Complete the application and submit all required documents
• Step 5: Schedule your exam by following this link

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Introduction to Financial Accounting and Reporting (FAR) Exam

The Standardized CPA Evaluation is the exam portion of the Financial Accounting and Reporting (FAR) which measures the expertise and skills that a newly qualified CPA must demonstrate in the financial accounting and reporting systems used by enterprise (public and non-public), non-profit, and state and local government agencies.

In the FAR portion of the test, the examination contains the requirements and regulations provided by:

• International Accounting Standards Board (IASB)
• Governmental Accounting Standards Board (GASB)
• American Institute of Certified Public Accountants (AICPA)
• U.S. Securities and Exchange Commission (U.S. SEC)
• Financial Accounting Standards Board (FASB)

The FAR section consists of questions that emphasize the conceptual structure and financial reporting, the selection of accounts of financial statements, the selection of transactions, and the application of state and local governments to accounting work. These sections can be overviewed from the FAR practice test. References at the end of this introduction provide a list of guidelines and regulations provided by these bodies and other reference materials that are available for evaluation in the FAR portion of the review.