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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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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.

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