AICPA CPA Financial Accounting and Reporting : FAR

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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Study Guide

Exam Contents

Exam process

FAQs and Guidess

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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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