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.

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

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

Objectives covered by this section:

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

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

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

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AICPA FAR Exam Syllabus Topics: