AICPA FAR : CPA Financial Accounting and Reporting

  • Exam Code: FAR
  • Exam Name: CPA Financial Accounting and Reporting
  • Updated: Jul 31, 2026
  • Q & A: 165 Questions and Answers

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How much Financial Accounting and Reporting (FAR) Exam Cost

The total cost of the CPA exam is around USD 800 that includes four sections. For this particular Financial Accounting and Reporting (FAR) Exam, the cost is estimated to be USD 200. Hover on to the official website of AICPA and choose your state for more pricing information. Candidates will face other costs like buying the FAR exam dumps pdf and then practicing for the exam via the FAR practice exams.

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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AICPA FAR Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Select Balance Sheet Accounts30-40%- Investments and financial instruments
- Liabilities, equity transactions and related accounting requirements
- Cash, receivables, inventory, PP&E, and intangible assets
Topic 2: Select Transactions25-35%- Leases and other significant transactions
- Accounting changes and error corrections
- Revenue recognition and transaction accounting
Topic 3: Financial Reporting30-40%- General purpose financial reporting for for-profit and non-profit entities
- Foundational concepts related to accounting requirements for governmental entities
- Preparation and presentation of financial statements, disclosures, and ratios

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