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Follow the steps mentioned below to book the Financial Accounting and Reporting FAR exam test:
| Section | Weight | Objectives |
|---|---|---|
| State and Local Government Accounting | 20–25% | - Modified accrual vs full accrual accounting - Fund accounting and governmental financial statements - Budgetary accounting |
| Not-for-Profit (NFP) Accounting | 10–15% | - NFP financial statements - Revenue and contribution recognition |
| Conceptual Framework, Standard-Setting, and Financial Reporting | 25–35% | - Financial statement presentation - Disclosure requirements - Conceptual framework and GAAP hierarchy |
| Select Financial Statement Accounts | 30–40% | - Pensions and post-employment benefits - Consolidations and business combinations - Equity, EPS, and share-based payments - Revenue recognition (ASC 606) - Leases (ASC 842) |
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