AICPA FAR : CPA Financial Accounting and Reporting

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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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

For more info read reference:

Study Guide

Exam Contents

Exam process

FAQs and Guidess

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How much Financial Accounting and Reporting (FAR) Exam Cost

The total cost of the CPA exam is around USD 800 that includes four sections. For this particular Financial Accounting and Reporting (FAR) Exam, the cost is estimated to be USD 200. Hover on to the official website of AICPA and choose your state for more pricing information. Candidates will face other costs like buying the FAR exam dumps pdf and then practicing for the exam via the FAR practice exams.

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.

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