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Financial Accounting and Reporting (FAR) Exam Certification Path

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Introduction to Financial Accounting and Reporting (FAR) Exam

The Standardized CPA Evaluation is the exam portion of the Financial Accounting and Reporting (FAR) which measures the expertise and skills that a newly qualified CPA must demonstrate in the financial accounting and reporting systems used by enterprise (public and non-public), non-profit, and state and local government agencies.

In the FAR portion of the test, the examination contains the requirements and regulations provided by:

• Financial Accounting Standards Board (FASB)
• U.S. Securities and Exchange Commission (U.S. SEC)
• International Accounting Standards Board (IASB)
• American Institute of Certified Public Accountants (AICPA)
• Governmental Accounting Standards Board (GASB)

The FAR section consists of questions that emphasize the conceptual structure and financial reporting, the selection of accounts of financial statements, the selection of transactions, and the application of state and local governments to accounting work. These sections can be overviewed from the FAR practice test. References at the end of this introduction provide a list of guidelines and regulations provided by these bodies and other reference materials that are available for evaluation in the FAR portion of the review.

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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