CPA FAR Comprehensive Review Overview
Understanding the FAR Section
The Financial Accounting and Reporting (FAR) section of the CPA Exam evaluates a candidate's ability to apply U.S. GAAP, governmental accounting standards, and financial reporting concepts to practical business situations. FAR covers a broad range of accounting topics and emphasizes both conceptual understanding and computational skills.
- Financial statement preparation and analysis.
- Recognition, measurement, and disclosure.
- Business combinations and consolidations.
- Governmental and not-for-profit accounting.
Note
Success on FAR requires understanding concepts rather than memorizing journal entries.
Summary
FAR integrates nearly every major area of financial accounting into one comprehensive examination.