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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

Difficulty in Writing Financial Accounting and Reporting (FAR) Exam

One of the key problems faced by most candidates is to choose the right research materials for their exam preparation since they use the internet to find too much data that makes it difficult for them to trust, which would be helpful for them. FAR practice exam dumps are designed in such a way to make better preparatory material. Financial Accounting and Reporting (FAR) Exam is not an easier one and can turn out to be a very difficult certification if not well prepared. We always recommend studying the FAR exam dumps and then take the practice exams before actually appearing for the exam.

Refer to the links down below to access the study materials. In the accounting industry, any aspiring accountant who wants to sit for the FAR Exam must have significant post-secondary education. For most test managers, a bachelor's degree from an accredited institution used to be enough. Applicants may, however, clear the exam with the right concentration and the right preparation material. Sfyc-Ru have the most up-to-date FAR exam dumps.

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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 Sfyc-Ru 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.