Who should take the Financial Accounting and Reporting (FAR) Exam

Candidates must see the FAR exam dumps pdf to see if they are interested in the contents. People who wish to become Financial Accounting and Reporting experts and explore the dynamic culture of this field to jump-start their certification and lifelong learning goals should take this exam. Many businesses prefer that their accountants are Financial Accounting and Reporting (FAR) certified. Applicants winning their FAR title will find themselves more hirable and will be better paid. To become eligible for the exam, a candidate must have completed a 120 program approved by NYSED. Also, they must have completed their bachelor's degree with accounting as their major.

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What is the duration, language, and format of the Financial Accounting and Reporting (FAR) Exam

• Language of Exam: English
• Passing score: 75
• Format: Multiple choice, Task-based simulations, research prompts
• Duration of Exam: 4 hours

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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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

AICPA FAR Exam Syllabus Topics: