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Difficulty in Writing Financial Accounting and Reporting (FAR) Exam

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Refer to the links down below to access the study materials. In the accounting industry, any aspiring accountant who wants to sit for the FAR Exam must have significant post-secondary education. For most test managers, a bachelor's degree from an accredited institution used to be enough. Applicants may, however, clear the exam with the right concentration and the right preparation material. TestkingPass have the most up-to-date FAR exam dumps.

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

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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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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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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What is the duration, language, and format of the Financial Accounting and Reporting (FAR) Exam

• Language of Exam: English
• Format: Multiple choice, Task-based simulations, research prompts
• Passing score: 75
• Duration of Exam: 4 hours