AICPA : FAR Questions & Answers
Updated: Aug 08, 2026
No. of Questions: 165 Questions & Answers with Testing Engine
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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
What is the duration, language, and format of the Financial Accounting and Reporting (FAR) Exam
- Format: Multiple choice, Task-based simulations, research prompts
- Duration of Exam: 4 hours
- Passing score: 75
- Language of Exam: English
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 financial position
- Income statement/ statement of profit or loss
- Conceptual framework and standard-setting for business and non-business entities
- Special purpose frameworks
- Statement of changes in equity
- Public company reporting topics (U.S. SEC reporting requirements, earnings per share, and segment reporting)
- Statement of activities
- Statement of cash flows
- Going concerned
- Statement of comprehensive income
- Balance sheet/ statement of financial position
- Financial statements of employee benefit plans
- Notes to financial statements
- Discontinued operations
- General-purpose financial statements: for-profit business entities
- General-purpose financial statements: nongovernmental, not-for-profit entities
- Consolidated financial statements (including wholly-owned subsidiaries and noncontrolling interests)
Area 2 - Select Financial Statement Accounts (30-40%)
Objectives covered by this section:
- Retirement benefits
- Stock compensation (share-based payments)
- Trade receivables
- Financial assets at amortized cost
- Equity
- Intangible assets - goodwill and other
- Financial assets at fair value
- Inventory
- Investments
- Cash and cash equivalents
- Debt covenant compliance
- Long-term debt (financial liabilities)
- Equity method investments
- Payables and accrued liabilities
- Income taxes
- Revenue recognition
- Notes and bonds payable
- Property, plant, and equipment
- Compensated absences
Area 3 - Select Transactions (20-30%)
Objectives covered by this section:
- Leases
- Nonreciprocal transfers
- Business combinations
- Fair value measurements
- Contingencies and commitments
- Software costs
- Foreign currency transactions and translation
- Differences between IFRS and U.S. GAAP
- Derivatives and hedge accounting (e.g. swaps, options, forwards)
- Subsequent events
- Accounting changes and error corrections
- Research and development costs
Area IV - State and Local Governments (5-15%)
Objectives covered by this section:
- Government-wide financial statements
- Special items
- Nonexchange revenue transactions
- Deriving government-wide financial statements and reconciliation requirements
- General and proprietary long-term liabilities
- Financial reporting entity, including blended and discrete component units
- Expenditures and expenses
- Proprietary funds financial statement
- Budgetary comparison reporting
- Typical items and specific types of transactions and events: measurement, valuation, calculation, and presentation in governmental entity financial statements
- State and local government concepts
- Format and content of the financial section of the comprehensive annual financial report (CAFR)
- Interfund activity, including transfers
- Fund balances and components thereof
- Budgetary accounting and encumbrances
- Capital assets and infrastructure assets
- Other financing sources and uses
- Governmental funds financial statements
- Notes to financial statements
- Net position and components thereof
- Fiduciary funds financial statements
- Required supplementary information (RSI) other than management's discussion and analysis
- Management's discussion and analysis
Who should take the Financial Accounting and Reporting (FAR) Exam
Candidates must see the FAR exam dumps pdf to see if they are interested in the contents. People who wish to become Financial Accounting and Reporting experts and explore the dynamic culture of this field to jump-start their certification and lifelong learning goals should take this exam. Many businesses prefer that their accountants are Financial Accounting and Reporting (FAR) certified. Applicants winning their FAR title will find themselves more hirable and will be better paid. To become eligible for the exam, a candidate must have completed a 120 program approved by NYSED. Also, they must have completed their bachelor's degree with accounting as their major.
AICPA FAR Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: State and Local Governments | 5–15% | - Fund accounting and modified accrual basis - GASB standards and disclosure requirements - Governmental financial statements and reporting models |
| Topic 2: Select Financial Statement Accounts | 30–40% | - Cash, receivables, inventory, investments - Property, plant and equipment, intangibles - Compensation, benefits and income taxes - Payables, debt, equity, revenue recognition |
| Topic 3: Select Transactions | 20–30% | - Derivatives, hedging and fair value measurements - Contingencies, R&D and subsequent events - Foreign currency, accounting changes and errors - Leases, business combinations and consolidations |
| Topic 4: Conceptual Framework, Standard-Setting and Financial Reporting | 25–35% | - Not-for-profit and public company reporting - Employee benefit plan financial statements - Conceptual framework and standard-setting process - General-purpose financial statements for for-profit entities |
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