1 / 7

Financial Accounting and Reporting (FAR - CPA Syllabus)

The Financial Accounting and Reporting (FAR) section of the Uniform CPA Examination (the Exam) assesses the knowledge and skills that a newly licensed CPA must demonstrate in the financial accounting and reporting frameworks used by business entities (public and non-public), not-for-profit entities and state and local government entities. Enroll Now!

milesed
Download Presentation

Financial Accounting and Reporting (FAR - CPA Syllabus)

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Financial Accounting and Reporting (FAR) The Financial Accounting and Reporting (FAR) section of the Uniform CPA Examination (the Exam) assesses the knowledge and skills that a newly licensed CPA must demonstrate in the financial accounting and reporting frameworks used by business entities (public and non-public), not-for-profit entities and state and local government entities. US Certified Public Accountant(US CPA Course) - Miles Education

  2. 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) ● ● ● ● ●

  3. The FAR section is designed to have the following exam time and question types on the US CPA Exam: Section Section Time Multiple-choice questions (MCQs) Task-based simulations (TBSs) Written Communication FAR 4 hours 66 8 - The scoring weight of multiple-choice questions (MCQs), task-based simulations (TBSs) and written communication for FAR section on the US CPA Exam is as follows: Score Weightage Section Multiple-choice questions (MCQs) Task-based simulations (TBSs) Written Communication FAR 50% 50% -

  4. The following table summarizes the content areas and the allocation of content tested in the BEC section of the Exam: Content Area Topics Allocation Area I Conceptual Framework, Standard-Setting and Financial Reporting 25 - 35% Area II Select Financial Statement Accounts 30 - 40% Area III Select Transactions 20 - 30% Area IV State and Local Government 5 - 15%

  5. Few tips you must keep in mind while preparing for the FAR exam 1 Spend more time practicing questions, than reading/ learning theory. The MCQs are generally more practical in nature, than theory. Most people find out why an answer is not right. However, always identify the cause of your correct answer, as well. Sometimes you may get the answer right by chance. Ensure the logic applied by you is sound. Reading the answer explanation is highly important. 2

  6. Task-Based Simulations (TBSs) should be attempted after you have a stronghold in the MCQ section, since simulations do not always conform to chapter boundaries and can test concepts from various disciplines. However, if you are good with the entire MCQs section, you will not find the TBSs as difficult, they will feel like long-form MCQs. 3 FAR is quite voluminous when compared to the other 3 CPA sections. Consistent revision and notes of the chapters is required so that they remain fresh on your mind as the exam day arrives. 4

  7. Resolve to be a CPA in 2023 4 exams I 12-16 months ENROLL NOW with Miles Education, India's largest international CPA course provider US Certified Public Accountant (US CPA Course) - Miles Education

More Related