The Financial Accounting and Reporting (FAR) section tests the knowledge and skills that a newly licensed CPA must demonstrate in the financial accounting and reporting frameworks used by business entities (public and nonpublic), not-for-profit entities and state and local government entities.
The financial accounting and reporting frameworks that are eligible for assessment within the FAR section of the Exam include the standards and regulations issued by the:
- Financial Accounting Standards Board (FASB)
- U.S. Securities and Exchange Commission (U.S. SEC)
- American Institute of Certified Public Accountants (AICPA)
- Governmental Accounting Standards Board (GASB)
- International Accounting Standards Board (IASB)
| 1 |
The Financial Reporting Environment
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| 2 |
Financial Statements
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| 3 |
Income Statement Items
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| 4 |
Financial Statement Disclosure
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| 5 |
Cash and Investments
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| 6 |
Receivables
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| 7 |
Inventories
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| 8 |
Property, Plant, Equipment, and Depletable Resources
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| 9 |
Intangible Assets and Other Capitalization Issues
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| 10 |
Payables and Taxes
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| 11 |
Employee Benefits
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| 12 |
Noncurrent Liabilities
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| 13 |
Leases and Contingencies
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| 14 |
Equity
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| 15 |
Business Combinations and Consolidated Financial Reporting
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| 16 |
Derivatives, Hedging, and Other Topics
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| 17 |
Statement of Cash Flows
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| 18 |
Governmental Accounting – Modified Accrual
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| 19 |
Governmental Accounting – Full Accrual
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| 20 |
Not-for-Profit Accounting and Reporting
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