AICPA CPA Financial Accounting and Reporting : FAR

  • Exam Code: FAR
  • Exam Name: CPA Financial Accounting and Reporting
  • Updated: Aug 31, 2025     Q & A: 165 Questions and Answers

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About AICPA FAR Exam

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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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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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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