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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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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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

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AICPA FAR Exam Syllabus Topics: