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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.

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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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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