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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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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The benefit of obtaining the Financial Accounting and Reporting (FAR) Exam Certification

This qualification helps both new and seasoned accountants to test their qualifications, develop their abilities, and enhance their understanding of the overall discipline. Via their local state board, prospective applicants can learn more about the licensing process specifics and visit the NASBA website for information about the standardized CPA test. The growing demand for CPAs across the job market is motivated by many factors, so the trend is likely to continue soon. Accountants winning their FAR earn 10 percent more on average than non-FAR colleagues and have more chances to grow their careers. In job searching, being FAR certified can also be a big boon as it shows professional dedication and makes the candidate stand out from others. Among several other specialist fields, FAR certification demonstrates qualification for auditing, business strategy, bookkeeping, and forensic accounting. Becoming accredited opens the doors to hundreds of various career paths and is essential for foreign positions in particular.

Many accountants joining the profession are curious about the advantages of being Financial Accounting and Reporting (FAR) certified so that they can determine if the time and energy to undertake this achievement are worth devoting. The certification process may undoubtedly be rigorous and difficult, but for those employed in industry or finance, success offers some notable advantages. In the US, several states have their board that regulates the certification in their jurisdiction of public accountants.

Compact curriculum

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