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ALL ABOUT THE CPA –
The CPA-FAR Exam section covers topics like financial transactions, financial
statements, GAAP, reporting for nonprofits. Most of the CPA aspirants consider
FAR to be the challenging one among the remaining CPA exam sections because
of its length.
This exam is also considered as difficult because it tests the candidate’s
understanding of statement presentation, financial reports, and business
transactions using IFRS, GAAP, and governmental accounting systems. There’s
also common to see topics like benefits of the employee, compiling operations,
transfers, research costs, correcting errors in transactions, and calculating fair value
figures as well.
FAR Topic Areas & Concepts:
The FAR section is a 4-hour long exam. It includes below topics:
Select Financial Statement Accounts
30 to 40%
Conceptual Framework & Financial Reporting
25 to 35%
State & Local Governmental Accounting
5 to 15%
20 to 30%
Select Financial Statement Accounts – These topics consist of the income
statement, evaluation of balance sheet, statement of retained earnings, cash flow
statement as well as transactions that affect accounts.
Conceptual Framework & Financial Reporting – These topics include financial
statements, different aspects of standard setting, and several reporting. The
candidate should be familiar with the process of financial reporting for both non-
profit and non-governmental organizations.
State & Local Governmental Accounting – Typically, these topics cover non-
specific and generalized overviews of governmental accounting and fund
Transactions – It covers both recognition and computation of certain operations
on the statement like leases, contingencies and so on.
FAR CPA Exam Structure and Format:
The CPA FAR exam starts with 2 testlests with 33 Multiple-Choice Questions
(MCQs) each. After that, there will be a break of 15 minutes; then there will be
three testlets with 8 task-based simulations.