AICPA FAR : CPA Financial Accounting and Reporting

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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Financial Accounting and Reporting (FAR) Exam Certification Path

Generally, the more familiar you are with the FAR content, the less time you need to study, and the faster you can pass. So, how long will you need to study for FAR? Well, the best you can get is the FAR exam dumps that help you figure out what side of the study time spectrum you're probably on via a deeper investigation into FAR's content. You'll find the content areas, groups, and topics of FAR in the FAR CPA Exam blueprints.

Want to pass FAR fast? Then you'll need to study for 20 hours a week so you can finish your review in 6-8 weeks.

Can't fit that much study time into your routine? Then try studying for 15 hours a week. Doing so will prepare you in 8-11 weeks.

finally, if you can only study for 10 hours a week, you'll be ready for FAR in 12-16 weeks.

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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 Free4Torrent 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.

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AICPA FAR Exam Syllabus Topics: