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

Follow the steps mentioned below to book the Financial Accounting and Reporting FAR exam test:

• Step 1: Determine your eligibility from the NASBA website by clicking here
• Step 2: Select a jurisdiction where you want to become a licensed CPA
• Step 3: Access the application by clicking here
• Step 4: Complete the application and submit all required documents
• Step 5: Schedule your exam by following this link

How to Prepare For Financial Accounting and Reporting (FAR) Exam

Preparation Guide for Financial Accounting and Reporting (FAR) Exam

Introduction

The Financial Accounting and Reporting FAR exam test is part of the uniform CPA examination and is administered by the American Institute of Certified Public Accountants (AICPA). The American Institute of Certified Public Accountants (AICPA) is the United States national professional association of Certified Public Accountants (CPAs), with more than 418,000 members in business and industry, public practice, government, education, student affiliates, and foreign associates in 143 countries. Established in 1887, the association sets ethical guidelines for audits of private businesses, non-profit organizations, federal, state, and local governments for the profession and U.S. auditing standards. It also establishes the Standardized CPA Test and rates it. The AICPA has offices in New York City; Durham, NC; Washington DC; and Ewing, NJ.

For practitioners aspiring to become CPAs, the Standardized Certified Public Accountant test is a credentialing exam. It is graded and governed by the American Institute of Certified Public Accountants (AICPA) and by the National Association of State Accountancy Boards (NASBA).

This exam guide is intended to get you to know about the exam details and help you to prepare for the Financial Accounting and Reporting FAR exam test successfully. This guide includes information on the certification test target audience, recommended preparation FAR exam dumps and documentation, and a full list of exam targets, all to help you obtain a passing grade. To increase your chances of passing the test, AICPA strongly recommends a mix of on-the-job experience, course attendance, and self-study.

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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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