How to study the Financial Accounting and Reporting (FAR) Exam

There are several ways to prepare for the Financial Accounting and Reporting (FAR) Exam. AICPA's official website provides tutorials on the exam content and also the sample FAR practice exams. These can be accessed via the “help” button against the sample tests provided on the website. Use the material on the internet to learn all the exam contents in detail and then take the practice sample tests through the AICPA website. To study for the Financial Accounting and Reporting (FAR) Exam, use the exam blueprints and study resources by accessing the links at the bottom of this document. Students are highly encouraged to join AICPA's Certification community where they can join students from all over the world and learn together. FAR exam dumps have ensured a 100% pass rate over the years so students are highly recommended to find these exam dumps on the Prep4pass website and then test their knowledge on FAR practice exams. These are the best study materials one can get. For further exam self-study materials, refer to the links down below.

Hover on to AICPA's Website and take a look at study materials provided for the exam. Check for the topics mentioned in the Exam Outline section of this guide to review the online documentation, tip sheets, and user guides and study the details relevant to those topics. Refer to the links at the end of this document for more study material. As always, We recommend a combination of hands-on experience, completion of the training course, and self-study in the areas described in the Exam Outline section of this exam guide as preparation for this exam. After all sorts of study, test your understanding by taking the FAR practice test.

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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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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Financial Accounting and Reporting (FAR) Exam Certification Path

Generally, the more familiar you are with the FAR content, the less time you need to study, and the faster you can pass. So, how long will you need to study for FAR? Well, the best you can get is the FAR exam dumps that help you figure out what side of the study time spectrum you're probably on via a deeper investigation into FAR's content. You'll find the content areas, groups, and topics of FAR in the FAR CPA Exam blueprints.

Want to pass FAR fast? Then you'll need to study for 20 hours a week so you can finish your review in 6-8 weeks.

Can't fit that much study time into your routine? Then try studying for 15 hours a week. Doing so will prepare you in 8-11 weeks.

finally, if you can only study for 10 hours a week, you'll be ready for FAR in 12-16 weeks.

So, you can use any one of these study schedules or do anything in between. That's because of how fast you finish your FAR review depends on how much time you have to study in a week. But what's important is that you study consistently so you can stay in study mode and stick to your exam schedule.

AICPA FAR Exam Syllabus Topics: