What is the duration, language, and format of the Financial Accounting and Reporting (FAR) Exam

Duration of Exam: 4 hours
Passing score: 75
Language of Exam: English
Format: Multiple choice, Task-based simulations, research prompts

Simulation for the software version

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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

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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:

Governmental Accounting Standards Board (GASB)
American Institute of Certified Public Accountants (AICPA)
Financial Accounting Standards Board (FASB)
International Accounting Standards Board (IASB)
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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AICPA FAR Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Select Transactions	20–30%	- Derivatives, hedging and fair value measurements - Leases, business combinations and consolidations - Foreign currency, accounting changes and errors - Contingencies, R&D and subsequent events
Topic 2: Conceptual Framework, Standard-Setting and Financial Reporting	25–35%	- Not-for-profit and public company reporting - General-purpose financial statements for for-profit entities - Employee benefit plan financial statements - Conceptual framework and standard-setting process
Topic 3: State and Local Governments	5–15%	- Fund accounting and modified accrual basis - GASB standards and disclosure requirements - Governmental financial statements and reporting models
Topic 4: Select Financial Statement Accounts	30–40%	- Property, plant and equipment, intangibles - Cash, receivables, inventory, investments - Payables, debt, equity, revenue recognition - Compensation, benefits and income taxes