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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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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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.

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The benefit of obtaining the Financial Accounting and Reporting (FAR) Exam Certification

This qualification helps both new and seasoned accountants to test their qualifications, develop their abilities, and enhance their understanding of the overall discipline. Via their local state board, prospective applicants can learn more about the licensing process specifics and visit the NASBA website for information about the standardized CPA test. The growing demand for CPAs across the job market is motivated by many factors, so the trend is likely to continue soon. Accountants winning their FAR earn 10 percent more on average than non-FAR colleagues and have more chances to grow their careers. In job searching, being FAR certified can also be a big boon as it shows professional dedication and makes the candidate stand out from others. Among several other specialist fields, FAR certification demonstrates qualification for auditing, business strategy, bookkeeping, and forensic accounting. Becoming accredited opens the doors to hundreds of various career paths and is essential for foreign positions in particular.

Many accountants joining the profession are curious about the advantages of being Financial Accounting and Reporting (FAR) certified so that they can determine if the time and energy to undertake this achievement are worth devoting. The certification process may undoubtedly be rigorous and difficult, but for those employed in industry or finance, success offers some notable advantages. In the US, several states have their board that regulates the certification in their jurisdiction of public accountants.

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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 VCEEngine 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.

AICPA FAR Exam Syllabus Topics: