Compile financial statements (this involves journal entries and data presentation).So, to pass the FAR CPA Exam section, CPA candidates must be able to: GASB’s conceptual framework as well as the financial accounting and reporting requirements for state and local governments under the GASB standards and interpretations.Financial accounting and reporting requirements for select transactions that are applicable to entities under the FASB Accounting Standards Codification and the IASB standards.Financial accounting and reporting requirements in the FASBS Accounting Standards Codification that are applicable to financial statement accounts.FASB’s Conceptual Framework, FASB’s standard-setting process, and financial reporting topics such as general-purpose financial statements, disclosures specific to public companies, and financial statement prepared under special purpose frameworksĪrea II: Select Financial Statement Accounts.Therefore, the topics for the FAR content areas include: Area I: Conceptual Framework, Standard-Setting, and Financial Reporting International Accounting Standards Board (IASB).Governmental Accounting Standards Board (GASB).American Institute of Certified Public Accountants (AICPA).Financial Accounting Standards Board (FASB).FAR CPA Exam Section Content Content AreaĬonceptual Framework, Standard-Setting, and Financial Reportingįurthermore, the FAR CPA Exam Blueprints explain that the financial accounting and reporting frameworks FAR covers include the standards and regulations issued by the: This table breaks down the CPA FAR exam content for you. In 4 content areas, FAR mainly addresses financial reporting, financial statement accounts, transactions, and state and local governments. FAR CPA Exam Section ContentĪs I mentioned, FAR deals with financial accounting. But either way, you’ll need all of this essential CPA FAR exam information to start the process of passing.
If you struggle with these topics, then your best plan of attack is to do everything you can to pass the first time. However, if you love accounting plain and simple, FAR probably won’t be so bad for you. For this reason, FAR has a reputation for being a bit of a beast. So, whether or not you love financial reporting, financial statements, and transactions, you must know all about these components of accounting in order to pass the FAR CPA Exam section.īasically, FAR is the section of the CPA Exam that makes you do the most accounting. Therefore, the CPA Exam tests CPA candidates for such knowledge and skills in the FAR section.
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Introduction to the FAR CPA Exam Section.
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