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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

Difficulty in Writing Financial Accounting and Reporting (FAR) Exam

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How much Financial Accounting and Reporting (FAR) Exam Cost

The total cost of the CPA exam is around USD 800 that includes four sections. For this particular Financial Accounting and Reporting (FAR) Exam, the cost is estimated to be USD 200. Hover on to the official website of AICPA and choose your state for more pricing information. Candidates will face other costs like buying the FAR exam dumps pdf and then practicing for the exam via the FAR practice exams.

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.

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