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Introduction to Financial Accounting and Reporting (FAR) Exam
The Standardized CPA Evaluation is the exam portion of the Financial Accounting and Reporting (FAR) which measures the expertise and skills that a newly qualified CPA must demonstrate in the financial accounting and reporting systems used by enterprise (public and non-public), non-profit, and state and local government agencies.
In the FAR portion of the test, the examination contains the requirements and regulations provided by:
- Governmental Accounting Standards Board (GASB)
- U.S. Securities and Exchange Commission (U.S. SEC)
- International Accounting Standards Board (IASB)
- Financial Accounting Standards Board (FASB)
- American Institute of Certified Public Accountants (AICPA)
The FAR section consists of questions that emphasize the conceptual structure and financial reporting, the selection of accounts of financial statements, the selection of transactions, and the application of state and local governments to accounting work. These sections can be overviewed from the FAR practice test. References at the end of this introduction provide a list of guidelines and regulations provided by these bodies and other reference materials that are available for evaluation in the FAR portion of the review.
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How to book the Financial Accounting and Reporting (FAR) Exam
Follow the steps mentioned below to book the Financial Accounting and Reporting FAR exam test:
- Step 1: Determine your eligibility from the NASBA website by clicking here
- Step 2: Select a jurisdiction where you want to become a licensed CPA
- Step 3: Access the application by clicking here
- Step 4: Complete the application and submit all required documents
- Step 5: Schedule your exam by following this link
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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AICPA FAR Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Select Balance Sheet Accounts | 30-40% | - Investments and financial instruments - Cash, receivables, inventory, PP&E, and intangible assets - Liabilities, equity transactions and related accounting requirements |
| Select Transactions | 25-35% | - Accounting changes and error corrections - Leases and other significant transactions - Revenue recognition and transaction accounting |
| Financial Reporting | 30-40% | - Preparation and presentation of financial statements, disclosures, and ratios - General purpose financial reporting for for-profit and non-profit entities - Foundational concepts related to accounting requirements for governmental entities |






