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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:

• General-purpose financial statements: nongovernmental, not-for-profit entities
• Statement of cash flows
• Notes to financial statements
• Income statement/ statement of profit or loss
• Special purpose frameworks
• Statement of financial position
• Going concerned
• Discontinued operations
• Financial statements of employee benefit plans
• General-purpose financial statements: for-profit business entities
• Statement of comprehensive income
• Statement of changes in equity
• 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 activities
• Balance sheet/ statement of financial position
• Conceptual framework and standard-setting for business and non-business entities

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

For more info read reference:

Study Guide

Exam Contents

Exam process

FAQs and Guidess

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