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Last Updated: Sep 09, 2026

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How to Prepare For Financial Accounting and Reporting (FAR) Exam

Preparation Guide for Financial Accounting and Reporting (FAR) Exam

Introduction

The Financial Accounting and Reporting FAR exam test is part of the uniform CPA examination and is administered by the American Institute of Certified Public Accountants (AICPA). The American Institute of Certified Public Accountants (AICPA) is the United States national professional association of Certified Public Accountants (CPAs), with more than 418,000 members in business and industry, public practice, government, education, student affiliates, and foreign associates in 143 countries. Established in 1887, the association sets ethical guidelines for audits of private businesses, non-profit organizations, federal, state, and local governments for the profession and U.S. auditing standards. It also establishes the Standardized CPA Test and rates it. The AICPA has offices in New York City; Durham, NC; Washington DC; and Ewing, NJ.

For practitioners aspiring to become CPAs, the Standardized Certified Public Accountant test is a credentialing exam. It is graded and governed by the American Institute of Certified Public Accountants (AICPA) and by the National Association of State Accountancy Boards (NASBA).

This exam guide is intended to get you to know about the exam details and help you to prepare for the Financial Accounting and Reporting FAR exam test successfully. This guide includes information on the certification test target audience, recommended preparation FAR exam dumps and documentation, and a full list of exam targets, all to help you obtain a passing grade. To increase your chances of passing the test, AICPA strongly recommends a mix of on-the-job experience, course attendance, and self-study.

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

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AICPA FAR Exam Syllabus Topics:

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