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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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.

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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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AICPA FAR Exam Syllabus Topics: