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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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Introduction to Financial Accounting and Reporting (FAR) Exam

The Standardized CPA Evaluation is the exam portion of the Financial Accounting and Reporting (FAR) which measures the expertise and skills that a newly qualified CPA must demonstrate in the financial accounting and reporting systems used by enterprise (public and non-public), non-profit, and state and local government agencies.

In the FAR portion of the test, the examination contains the requirements and regulations provided by:

• Financial Accounting Standards Board (FASB)
• International Accounting Standards Board (IASB)
• Governmental Accounting Standards Board (GASB)
• U.S. Securities and Exchange Commission (U.S. SEC)
• American Institute of Certified Public Accountants (AICPA)

The FAR section consists of questions that emphasize the conceptual structure and financial reporting, the selection of accounts of financial statements, the selection of transactions, and the application of state and local governments to accounting work. These sections can be overviewed from the FAR practice test. References at the end of this introduction provide a list of guidelines and regulations provided by these bodies and other reference materials that are available for evaluation in the FAR portion of the review.

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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.

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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