AICPA FAR : CPA Financial Accounting and Reporting

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How much Financial Accounting and Reporting (FAR) Exam Cost

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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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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Who should take the Financial Accounting and Reporting (FAR) Exam

Candidates must see the FAR exam dumps pdf to see if they are interested in the contents. People who wish to become Financial Accounting and Reporting experts and explore the dynamic culture of this field to jump-start their certification and lifelong learning goals should take this exam. Many businesses prefer that their accountants are Financial Accounting and Reporting (FAR) certified. Applicants winning their FAR title will find themselves more hirable and will be better paid. To become eligible for the exam, a candidate must have completed a 120 program approved by NYSED. Also, they must have completed their bachelor's degree with accounting as their major.

AICPA FAR Exam Syllabus Topics: