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
• Discontinued operations
• Statement of activities
• Financial statements of employee benefit plans
• General-purpose financial statements: nongovernmental, not-for-profit entities
• Statement of financial position
• Balance sheet/ statement of financial position
• Special purpose frameworks
• Income statement/ statement of profit or loss
• Statement of cash flows
• Statement of changes in equity
• Going concerned
• 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)
• Statement of comprehensive income
• Conceptual framework and standard-setting for business and non-business entities
• General-purpose financial statements: for-profit business entities

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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

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