AICPA FAR : CPA Financial Accounting and Reporting

  • Exam Code: FAR
  • Exam Name: CPA Financial Accounting and Reporting
  • Updated: Sep 12, 2026     Q & A: 165 Questions and Answers

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Who should take the Financial Accounting and Reporting (FAR) Exam

Candidates must see the FAR exam dumps pdf to see if they are interested in the contents. People who wish to become Financial Accounting and Reporting experts and explore the dynamic culture of this field to jump-start their certification and lifelong learning goals should take this exam. Many businesses prefer that their accountants are Financial Accounting and Reporting (FAR) certified. Applicants winning their FAR title will find themselves more hirable and will be better paid. To become eligible for the exam, a candidate must have completed a 120 program approved by NYSED. Also, they must have completed their bachelor's degree with accounting as their major.

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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:

  • Financial Accounting Standards Board (FASB)
  • American Institute of Certified Public Accountants (AICPA)
  • International Accounting Standards Board (IASB)
  • Governmental Accounting Standards Board (GASB)
  • U.S. Securities and Exchange Commission (U.S. SEC)

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

AICPA FAR Exam Syllabus Topics:

SectionWeightObjectives
State and Local Government Accounting20–25%- Budgetary accounting
- Fund accounting and governmental financial statements
- Modified accrual vs full accrual accounting
Conceptual Framework, Standard-Setting, and Financial Reporting25–35%- Conceptual framework and GAAP hierarchy
- Disclosure requirements
- Financial statement presentation
Select Financial Statement Accounts30–40%- Consolidations and business combinations
- Leases (ASC 842)
- Pensions and post-employment benefits
- Equity, EPS, and share-based payments
- Revenue recognition (ASC 606)
Not-for-Profit (NFP) Accounting10–15%- Revenue and contribution recognition
- NFP financial statements

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