AICPA FAR Value Pack (Frequently Bought Together)

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

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How to Prepare For Financial Accounting and Reporting (FAR) Exam

Preparation Guide for Financial Accounting and Reporting (FAR) Exam

Introduction

The Financial Accounting and Reporting FAR exam test is part of the uniform CPA examination and is administered by the American Institute of Certified Public Accountants (AICPA). The American Institute of Certified Public Accountants (AICPA) is the United States national professional association of Certified Public Accountants (CPAs), with more than 418,000 members in business and industry, public practice, government, education, student affiliates, and foreign associates in 143 countries. Established in 1887, the association sets ethical guidelines for audits of private businesses, non-profit organizations, federal, state, and local governments for the profession and U.S. auditing standards. It also establishes the Standardized CPA Test and rates it. The AICPA has offices in New York City; Durham, NC; Washington DC; and Ewing, NJ.

For practitioners aspiring to become CPAs, the Standardized Certified Public Accountant test is a credentialing exam. It is graded and governed by the American Institute of Certified Public Accountants (AICPA) and by the National Association of State Accountancy Boards (NASBA).

This exam guide is intended to get you to know about the exam details and help you to prepare for the Financial Accounting and Reporting FAR exam test successfully. This guide includes information on the certification test target audience, recommended preparation FAR exam dumps and documentation, and a full list of exam targets, all to help you obtain a passing grade. To increase your chances of passing the test, AICPA strongly recommends a mix of on-the-job experience, course attendance, and self-study.

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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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Convenient to revision

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AICPA FAR Exam Syllabus Topics: