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Financial Accounting and Reporting (FAR) Exam Certification Path

Generally, the more familiar you are with the FAR content, the less time you need to study, and the faster you can pass. So, how long will you need to study for FAR? Well, the best you can get is the FAR exam dumps that help you figure out what side of the study time spectrum you're probably on via a deeper investigation into FAR's content. You'll find the content areas, groups, and topics of FAR in the FAR CPA Exam blueprints.

Want to pass FAR fast? Then you'll need to study for 20 hours a week so you can finish your review in 6-8 weeks.

Can't fit that much study time into your routine? Then try studying for 15 hours a week. Doing so will prepare you in 8-11 weeks.

finally, if you can only study for 10 hours a week, you'll be ready for FAR in 12-16 weeks.

So, you can use any one of these study schedules or do anything in between. That's because of how fast you finish your FAR review depends on how much time you have to study in a week. But what's important is that you study consistently so you can stay in study mode and stick to your exam schedule.

It is well known that CPA Financial Accounting and Reporting exam is an international recognition certification, which is very important for people who are engaged in the related field. The preson who pass the FAR exam can not only obtain a decent job with a higher salary, but also enjoy a good reputation in this industry. But it is difficult for most people to pass CPA Financial Accounting and Reporting exam test. While, our CPA Financial Accounting and Reporting practice questions can relieve your study pressure and give you some useful guide. We have been sparing no efforts to provide the most useful study material and the most effective instruction for our customer.

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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:

• American Institute of Certified Public Accountants (AICPA)
• International Accounting Standards Board (IASB)
• U.S. Securities and Exchange Commission (U.S. SEC)
• Governmental Accounting Standards Board (GASB)
• Financial Accounting Standards Board (FASB)

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.

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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AICPA FAR Exam Syllabus Topics: