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What is the duration, language, and format of the Financial Accounting and Reporting (FAR) Exam

• Passing score: 75
• Format: Multiple choice, Task-based simulations, research prompts
• Language of Exam: English
• Duration of Exam: 4 hours

The benefit of obtaining the Financial Accounting and Reporting (FAR) Exam Certification

This qualification helps both new and seasoned accountants to test their qualifications, develop their abilities, and enhance their understanding of the overall discipline. Via their local state board, prospective applicants can learn more about the licensing process specifics and visit the NASBA website for information about the standardized CPA test. The growing demand for CPAs across the job market is motivated by many factors, so the trend is likely to continue soon. Accountants winning their FAR earn 10 percent more on average than non-FAR colleagues and have more chances to grow their careers. In job searching, being FAR certified can also be a big boon as it shows professional dedication and makes the candidate stand out from others. Among several other specialist fields, FAR certification demonstrates qualification for auditing, business strategy, bookkeeping, and forensic accounting. Becoming accredited opens the doors to hundreds of various career paths and is essential for foreign positions in particular.

Many accountants joining the profession are curious about the advantages of being Financial Accounting and Reporting (FAR) certified so that they can determine if the time and energy to undertake this achievement are worth devoting. The certification process may undoubtedly be rigorous and difficult, but for those employed in industry or finance, success offers some notable advantages. In the US, several states have their board that regulates the certification in their jurisdiction of public accountants.

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How to book the Financial Accounting and Reporting (FAR) Exam

Follow the steps mentioned below to book the Financial Accounting and Reporting FAR exam test:

• Step 1: Determine your eligibility from the NASBA website by clicking here
• Step 2: Select a jurisdiction where you want to become a licensed CPA
• Step 3: Access the application by clicking here
• Step 4: Complete the application and submit all required documents
• Step 5: Schedule your exam by following this link

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:

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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