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Financial Accounting and Reporting (FAR) Exam Certification Path
Generally, the more familiar you are with the FAR content, the less time you need to study, and the faster you can pass. So, how long will you need to study for FAR? Well, the best you can get is the FAR exam dumps that help you figure out what side of the study time spectrum you're probably on via a deeper investigation into FAR's content. You'll find the content areas, groups, and topics of FAR in the FAR CPA Exam blueprints.
Want to pass FAR fast? Then you'll need to study for 20 hours a week so you can finish your review in 6-8 weeks.
Can't fit that much study time into your routine? Then try studying for 15 hours a week. Doing so will prepare you in 8-11 weeks.
finally, if you can only study for 10 hours a week, you'll be ready for FAR in 12-16 weeks.
So, you can use any one of these study schedules or do anything in between. That's because of how fast you finish your FAR review depends on how much time you have to study in a week. But what's important is that you study consistently so you can stay in study mode and stick to your exam schedule.
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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:
- General-purpose financial statements: for-profit business entities
- Income statement/ statement of profit or loss
- Statement of cash flows
- Financial statements of employee benefit plans
- General-purpose financial statements: nongovernmental, not-for-profit entities
- Going concerned
- Statement of activities
- Special purpose frameworks
- Conceptual framework and standard-setting for business and non-business entities
- Statement of changes in equity
- Public company reporting topics (U.S. SEC reporting requirements, earnings per share, and segment reporting)
- Notes to financial statements
- Statement of financial position
- Consolidated financial statements (including wholly-owned subsidiaries and noncontrolling interests)
- Discontinued operations
- Balance sheet/ statement of financial position
- Statement of comprehensive income
Area 2 - Select Financial Statement Accounts (30-40%)
Objectives covered by this section:
- Equity
- Financial assets at fair value
- Revenue recognition
- Debt covenant compliance
- Trade receivables
- Long-term debt (financial liabilities)
- Inventory
- Retirement benefits
- Cash and cash equivalents
- Investments
- Stock compensation (share-based payments)
- Compensated absences
- Intangible assets - goodwill and other
- Property, plant, and equipment
- Income taxes
- Notes and bonds payable
- Financial assets at amortized cost
- Payables and accrued liabilities
- Equity method investments
Area 3 - Select Transactions (20-30%)
Objectives covered by this section:
- Subsequent events
- Nonreciprocal transfers
- Contingencies and commitments
- Accounting changes and error corrections
- Research and development costs
- Business combinations
- Software costs
- Fair value measurements
- Leases
- Derivatives and hedge accounting (e.g. swaps, options, forwards)
- Differences between IFRS and U.S. GAAP
- Foreign currency transactions and translation
Area IV - State and Local Governments (5-15%)
Objectives covered by this section:
- Financial reporting entity, including blended and discrete component units
- Proprietary funds financial statement
- Deriving government-wide financial statements and reconciliation requirements
- Nonexchange revenue transactions
- Typical items and specific types of transactions and events: measurement, valuation, calculation, and presentation in governmental entity financial statements
- General and proprietary long-term liabilities
- Governmental funds financial statements
- Net position and components thereof
- Required supplementary information (RSI) other than management's discussion and analysis
- Management's discussion and analysis
- Format and content of the financial section of the comprehensive annual financial report (CAFR)
- Notes to financial statements
- Special items
- Interfund activity, including transfers
- Fiduciary funds financial statements
- Other financing sources and uses
- Budgetary accounting and encumbrances
- Expenditures and expenses
- Fund balances and components thereof
- Budgetary comparison reporting
- State and local government concepts
- Capital assets and infrastructure assets
- Government-wide financial statements
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