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What is the duration, language, and format of the Financial Accounting and Reporting (FAR) Exam

• Passing score: 75
• Duration of Exam: 4 hours
• Language of Exam: English
• Format: Multiple choice, Task-based simulations, research prompts

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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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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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

AICPA FAR Exam Syllabus Topics: