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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:
- Going concerned
- Conceptual framework and standard-setting for business and non-business entities
- Discontinued operations
- Statement of financial position
- Financial statements of employee benefit plans
- Notes to financial statements
- Special purpose frameworks
- Consolidated financial statements (including wholly-owned subsidiaries and noncontrolling interests)
- Statement of cash flows
- Income statement/ statement of profit or loss
- General-purpose financial statements: nongovernmental, not-for-profit entities
- Statement of changes in equity
- Balance sheet/ statement of financial position
- General-purpose financial statements: for-profit business entities
- Public company reporting topics (U.S. SEC reporting requirements, earnings per share, and segment reporting)
- Statement of activities
- Statement of comprehensive income
Area 2 - Select Financial Statement Accounts (30-40%)
Objectives covered by this section:
- Investments
- Equity method investments
- Financial assets at amortized cost
- Long-term debt (financial liabilities)
- Compensated absences
- Property, plant, and equipment
- Intangible assets - goodwill and other
- Stock compensation (share-based payments)
- Retirement benefits
- Payables and accrued liabilities
- Equity
- Financial assets at fair value
- Income taxes
- Cash and cash equivalents
- Notes and bonds payable
- Inventory
- Revenue recognition
- Debt covenant compliance
- Trade receivables
Area 3 - Select Transactions (20-30%)
Objectives covered by this section:
- Fair value measurements
- Accounting changes and error corrections
- Business combinations
- Leases
- Foreign currency transactions and translation
- Differences between IFRS and U.S. GAAP
- Software costs
- Contingencies and commitments
- Subsequent events
- Nonreciprocal transfers
- Derivatives and hedge accounting (e.g. swaps, options, forwards)
- Research and development costs
Area IV - State and Local Governments (5-15%)
Objectives covered by this section:
- General and proprietary long-term liabilities
- Nonexchange revenue transactions
- Governmental funds financial statements
- Format and content of the financial section of the comprehensive annual financial report (CAFR)
- Interfund activity, including transfers
- Management's discussion and analysis
- Fund balances and components thereof
- Notes to financial statements
- Capital assets and infrastructure assets
- Fiduciary funds financial statements
- Other financing sources and uses
- Financial reporting entity, including blended and discrete component units
- Deriving government-wide financial statements and reconciliation requirements
- Net position and components thereof
- Special items
- Budgetary accounting and encumbrances
- Expenditures and expenses
- Required supplementary information (RSI) other than management's discussion and analysis
- Budgetary comparison reporting
- Proprietary funds financial statement
- Government-wide financial statements
- Typical items and specific types of transactions and events: measurement, valuation, calculation, and presentation in governmental entity financial statements
- State and local government concepts
For more info read reference:
AICPA FAR Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| State and Local Governments | 5–15% | - Fund accounting and modified accrual basis - GASB standards and disclosure requirements - Governmental financial statements and reporting models |
| Select Financial Statement Accounts | 30–40% | - Property, plant and equipment, intangibles - Compensation, benefits and income taxes - Cash, receivables, inventory, investments - Payables, debt, equity, revenue recognition |
| Conceptual Framework, Standard-Setting and Financial Reporting | 25–35% | - Employee benefit plan financial statements - Not-for-profit and public company reporting - Conceptual framework and standard-setting process - General-purpose financial statements for for-profit entities |
| Select Transactions | 20–30% | - Leases, business combinations and consolidations - Foreign currency, accounting changes and errors - Derivatives, hedging and fair value measurements - Contingencies, R&D and subsequent events |
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