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 Dumps4PDF 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.

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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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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