Difficulty in Writing Financial Accounting and Reporting (FAR) Exam

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Refer to the links down below to access the study materials. In the accounting industry, any aspiring accountant who wants to sit for the FAR Exam must have significant post-secondary education. For most test managers, a bachelor's degree from an accredited institution used to be enough. Applicants may, however, clear the exam with the right concentration and the right preparation material. TestKingIT have the most up-to-date FAR exam dumps.

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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
• Financial statements of employee benefit plans
• Going concerned
• Statement of financial position
• Balance sheet/ statement of financial position
• Statement of cash flows
• Statement of changes in equity
• Discontinued operations
• Statement of activities
• General-purpose financial statements: for-profit business entities
• General-purpose financial statements: nongovernmental, not-for-profit entities
• Statement of comprehensive income
• Notes to financial statements
• Consolidated financial statements (including wholly-owned subsidiaries and noncontrolling interests)
• 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
• Special purpose frameworks

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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AICPA FAR Exam Syllabus Topics: