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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

The benefit of obtaining the Financial Accounting and Reporting (FAR) Exam Certification

This qualification helps both new and seasoned accountants to test their qualifications, develop their abilities, and enhance their understanding of the overall discipline. Via their local state board, prospective applicants can learn more about the licensing process specifics and visit the NASBA website for information about the standardized CPA test. The growing demand for CPAs across the job market is motivated by many factors, so the trend is likely to continue soon. Accountants winning their FAR earn 10 percent more on average than non-FAR colleagues and have more chances to grow their careers. In job searching, being FAR certified can also be a big boon as it shows professional dedication and makes the candidate stand out from others. Among several other specialist fields, FAR certification demonstrates qualification for auditing, business strategy, bookkeeping, and forensic accounting. Becoming accredited opens the doors to hundreds of various career paths and is essential for foreign positions in particular.

Many accountants joining the profession are curious about the advantages of being Financial Accounting and Reporting (FAR) certified so that they can determine if the time and energy to undertake this achievement are worth devoting. The certification process may undoubtedly be rigorous and difficult, but for those employed in industry or finance, success offers some notable advantages. In the US, several states have their board that regulates the certification in their jurisdiction of public accountants.

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