AICPA FAR valid exam dumps : CPA Financial Accounting and Reporting

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Introduction to Financial Accounting and Reporting (FAR) Exam

The Standardized CPA Evaluation is the exam portion of the Financial Accounting and Reporting (FAR) which measures the expertise and skills that a newly qualified CPA must demonstrate in the financial accounting and reporting systems used by enterprise (public and non-public), non-profit, and state and local government agencies.

In the FAR portion of the test, the examination contains the requirements and regulations provided by:

• U.S. Securities and Exchange Commission (U.S. SEC)
• Financial Accounting Standards Board (FASB)
• International Accounting Standards Board (IASB)
• Governmental Accounting Standards Board (GASB)
• American Institute of Certified Public Accountants (AICPA)

The FAR section consists of questions that emphasize the conceptual structure and financial reporting, the selection of accounts of financial statements, the selection of transactions, and the application of state and local governments to accounting work. These sections can be overviewed from the FAR practice test. References at the end of this introduction provide a list of guidelines and regulations provided by these bodies and other reference materials that are available for evaluation in the FAR portion of the review.

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How to Prepare For Financial Accounting and Reporting (FAR) Exam

Preparation Guide for Financial Accounting and Reporting (FAR) Exam

Introduction

The Financial Accounting and Reporting FAR exam test is part of the uniform CPA examination and is administered by the American Institute of Certified Public Accountants (AICPA). The American Institute of Certified Public Accountants (AICPA) is the United States national professional association of Certified Public Accountants (CPAs), with more than 418,000 members in business and industry, public practice, government, education, student affiliates, and foreign associates in 143 countries. Established in 1887, the association sets ethical guidelines for audits of private businesses, non-profit organizations, federal, state, and local governments for the profession and U.S. auditing standards. It also establishes the Standardized CPA Test and rates it. The AICPA has offices in New York City; Durham, NC; Washington DC; and Ewing, NJ.

For practitioners aspiring to become CPAs, the Standardized Certified Public Accountant test is a credentialing exam. It is graded and governed by the American Institute of Certified Public Accountants (AICPA) and by the National Association of State Accountancy Boards (NASBA).

This exam guide is intended to get you to know about the exam details and help you to prepare for the Financial Accounting and Reporting FAR exam test successfully. This guide includes information on the certification test target audience, recommended preparation FAR exam dumps and documentation, and a full list of exam targets, all to help you obtain a passing grade. To increase your chances of passing the test, AICPA strongly recommends a mix of on-the-job experience, course attendance, and self-study.

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
• Special purpose frameworks
• Notes to financial statements
• Consolidated financial statements (including wholly-owned subsidiaries and noncontrolling interests)
• Statement of comprehensive income
• Balance sheet/ statement of financial position
• Statement of cash flows
• General-purpose financial statements: for-profit business entities
• Income statement/ statement of profit or loss
• Statement of financial position
• Conceptual framework and standard-setting for business and non-business entities
• Financial statements of employee benefit plans
• Statement of activities
• Discontinued operations
• Going concerned
• Statement of changes in equity
• Public company reporting topics (U.S. SEC reporting requirements, earnings per share, and segment reporting)

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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AICPA FAR Exam Syllabus Topics: