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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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Study Guide

Exam Contents

Exam process

FAQs and Guidess

How to book the Financial Accounting and Reporting (FAR) Exam

Follow the steps mentioned below to book the Financial Accounting and Reporting FAR exam test:

• Step 1: Determine your eligibility from the NASBA website by clicking here
• Step 2: Select a jurisdiction where you want to become a licensed CPA
• Step 3: Access the application by clicking here
• Step 4: Complete the application and submit all required documents
• Step 5: Schedule your exam by following this link

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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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AICPA FAR Exam Syllabus Topics: