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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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AICPA FAR Exam Syllabus Topics: