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:
- Notes to financial statements
- Public company reporting topics (U.S. SEC reporting requirements, earnings per share, and segment reporting)
- Going concerned
- General-purpose financial statements: for-profit business entities
- Statement of comprehensive income
- Statement of activities
- Financial statements of employee benefit plans
- Conceptual framework and standard-setting for business and non-business entities
- Statement of financial position
- Income statement/ statement of profit or loss
- Consolidated financial statements (including wholly-owned subsidiaries and noncontrolling interests)
- Balance sheet/ statement of financial position
- Statement of changes in equity
- Statement of cash flows
- General-purpose financial statements: nongovernmental, not-for-profit entities
- Special purpose frameworks
- Discontinued operations
Area 2 - Select Financial Statement Accounts (30-40%)
Objectives covered by this section:
- Payables and accrued liabilities
- Debt covenant compliance
- Long-term debt (financial liabilities)
- Equity method investments
- Compensated absences
- Intangible assets - goodwill and other
- Trade receivables
- Inventory
- Investments
- Financial assets at amortized cost
- Income taxes
- Cash and cash equivalents
- Stock compensation (share-based payments)
- Property, plant, and equipment
- Retirement benefits
- Financial assets at fair value
- Notes and bonds payable
- Revenue recognition
- Equity
Area 3 - Select Transactions (20-30%)
Objectives covered by this section:
- Software costs
- Accounting changes and error corrections
- Leases
- Foreign currency transactions and translation
- Business combinations
- Contingencies and commitments
- Research and development costs
- Fair value measurements
- Derivatives and hedge accounting (e.g. swaps, options, forwards)
- Nonreciprocal transfers
- Subsequent events
- Differences between IFRS and U.S. GAAP
Area IV - State and Local Governments (5-15%)
Objectives covered by this section:
- Proprietary funds financial statement
- Notes to financial statements
- Fiduciary funds financial statements
- Budgetary accounting and encumbrances
- Net position and components thereof
- General and proprietary long-term liabilities
- Other financing sources and uses
- Fund balances and components thereof
- Management's discussion and analysis
- Deriving government-wide financial statements and reconciliation requirements
- Expenditures and expenses
- Financial reporting entity, including blended and discrete component units
- Budgetary comparison reporting
- Nonexchange revenue transactions
- Required supplementary information (RSI) other than management's discussion and analysis
- Governmental funds financial statements
- Format and content of the financial section of the comprehensive annual financial report (CAFR)
- Special items
- Typical items and specific types of transactions and events: measurement, valuation, calculation, and presentation in governmental entity financial statements
- Interfund activity, including transfers
- State and local government concepts
- Capital assets and infrastructure assets
- Government-wide financial statements
Financial Accounting and Reporting (FAR) Exam Certification Path
Generally, the more familiar you are with the FAR content, the less time you need to study, and the faster you can pass. So, how long will you need to study for FAR? Well, the best you can get is the FAR exam dumps that help you figure out what side of the study time spectrum you're probably on via a deeper investigation into FAR's content. You'll find the content areas, groups, and topics of FAR in the FAR CPA Exam blueprints.
Want to pass FAR fast? Then you'll need to study for 20 hours a week so you can finish your review in 6-8 weeks.
Can't fit that much study time into your routine? Then try studying for 15 hours a week. Doing so will prepare you in 8-11 weeks.
finally, if you can only study for 10 hours a week, you'll be ready for FAR in 12-16 weeks.
So, you can use any one of these study schedules or do anything in between. That's because of how fast you finish your FAR review depends on how much time you have to study in a week. But what's important is that you study consistently so you can stay in study mode and stick to your exam schedule.
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