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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:

• International Accounting Standards Board (IASB)
• Financial Accounting Standards Board (FASB)
• U.S. Securities and Exchange Commission (U.S. SEC)
• Governmental Accounting Standards Board (GASB)
• 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.

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

There are several ways to prepare for the Financial Accounting and Reporting (FAR) Exam. AICPA's official website provides tutorials on the exam content and also the sample FAR practice exams. These can be accessed via the “help” button against the sample tests provided on the website. Use the material on the internet to learn all the exam contents in detail and then take the practice sample tests through the AICPA website. To study for the Financial Accounting and Reporting (FAR) Exam, use the exam blueprints and study resources by accessing the links at the bottom of this document. Students are highly encouraged to join AICPA's Certification community where they can join students from all over the world and learn together. FAR exam dumps have ensured a 100% pass rate over the years so students are highly recommended to find these exam dumps on the ExamcollectionPass website and then test their knowledge on FAR practice exams. These are the best study materials one can get. For further exam self-study materials, refer to the links down below.

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.

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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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.

We have to admit that the processional certificates are very important for many people to show their capacity in the highly competitive environment. If you have the AICPA certification, it will be very easy for you to get a promotion. If you hope to get a job with opportunity of promotion, it will be the best choice chance for you to choose the FAR study question from our company. Because our study materials have the enough ability to help you improve yourself and make you more excellent than other people. The FAR learning materials from our company have helped a lot of people get the certification and achieve their dreams. Now you also have the opportunity to contact with the CPA Financial Accounting and Reporting test guide from our company.

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The newest information about the exam

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AICPA FAR Exam Syllabus Topics: