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Study Guide

Exam Contents

Exam process

FAQs and Guidess

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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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AICPA FAR Exam Syllabus Topics: