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AICPA FAR Exam Overview:
| Certification Vendor: | AICPA / NASBA |
|---|---|
| Exam Name: | CPA Exam – Financial Accounting and Reporting (FAR) |
| Exam Number: | CPA-FAR |
| Certificate Validity Period: | 18 months (credit window after passing) |
| Exam Duration: | 240 minutes |
| Exam Price: | USD 250–300 per section (varies by jurisdiction) |
| Exam Format: | Task-Based Simulations (TBS), Multiple Choice Questions (MCQ) |
| Real Exam Qty: | Approximately 50–60 MCQs + Task-Based Simulations (TBS) |
| Related Certifications: | CPA Audit (AUD) CPA Regulation (REG) CPA Business Analysis and Reporting (BAR) |
| Available Languages: | English |
| Passing Score: | 75 (on a 0–99 scaled score) |
| Recommended Training: | Becker CPA Review (FAR Course) AICPA Official CPA Exam Resources |
| Exam Registration: | NASBA CPA Exam Services AICPA CPA Exam Blueprints |
| Sample Questions: |  |
| Exam Way: | Computer-based testing at Prometric test centers |
| Pre Condition: | No formal prerequisite to sit for FAR, but CPA licensure generally requires 150 semester hours of education and state-specific eligibility requirements. |
| Official Syllabus URL: | https://www.aicpa-cima.com/resources/article/cpa-exam-blueprints |
AICPA FAR Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Conceptual Framework, Standard-Setting, and Financial Reporting | 25–35% | - Disclosure requirements - Financial statement presentation - Conceptual framework and GAAP hierarchy |
| Select Financial Statement Accounts | 30–40% | - Equity, EPS, and share-based payments - Consolidations and business combinations - Revenue recognition (ASC 606) - Pensions and post-employment benefits - Leases (ASC 842) |
| Not-for-Profit (NFP) Accounting | 10–15% | - NFP financial statements - Revenue and contribution recognition |
| State and Local Government Accounting | 20–25% | - Modified accrual vs full accrual accounting - Budgetary accounting - Fund accounting and governmental financial statements |
AICPA CPA Financial Accounting and Reporting Questions Answered by PassSureExam
- Not-for-Profit (NFP) Accounting (10–15%)
- Conceptual Framework, Standard-Setting, and Financial Reporting (25–35%)
- Select Financial Statement Accounts (30–40%)
AICPA CPA Financial Accounting and Reporting Sample Questions:
The cumulative effect of a change in accounting estimate should be shown separately:
- A. On the income statement above income from continuing operations.
- B. On the income statement after income from continuing operations and before extraordinary items.
- C. On the retained earnings statement as an adjustment to the beginning balance.
- D. It should not be recorded separately on any financial statement.
Correct Answer: D 🗳️
Explanation: Only visible for PassSureExam members. You can sign-up / login (it's free).
YIV, Inc. is a multidivisional corporation, which has both intersegment sales and sales to unaffiliated
customers. YIV should report segment financial information for each division meeting which of the
following criteria?
- A. Segment revenue is 10% or more of combined revenue of all the company segments.
- B. Segment revenue is 10% or more of consolidated revenue.
- C. Segment operating profit or loss is 10% or more of consolidated profit or loss.
- D. Segment operating profit or loss is 10% or more of combined operating profit or loss of all company
segments.
Correct Answer: A 🗳️
Explanation: Only visible for PassSureExam members. You can sign-up / login (it's free).
Which of the following factors determines whether an identified segment of an enterprise should be
reported in the enterprise's financial statements under SFAS No. 131, Disclosures about Segments of an
Enterprise and Related Information?
I. The segment's assets constitute more than 10% of the combined assets of all operating segments.
II. The segment's liabilities constitute more than 10% of the combined liabilities of all operating segments.
- A. II only.
- B. Both I and II.
- C. I only.
- D. Neither I nor II.
Correct Answer: C 🗳️
Explanation: Only visible for PassSureExam members. You can sign-up / login (it's free).
The following costs were incurred by Griff Co., a manufacturer, during 1992:
What amount of these costs should be reported as general and administrative expenses for 1992?
- A. $810,000
- B. $635,000
- C. $260,000
- D. $550,000
Correct Answer: C 🗳️
Explanation: Only visible for PassSureExam members. You can sign-up / login (it's free).
Financial reporting by a development stage enterprise differs from financial reporting for an established
operating enterprise in regard to footnote disclosures:
- A. And revenue recognition principles only.
- B. And expense recognition principles only.
- C. And revenue and expense recognition principles.
- D. Only.
Correct Answer: D 🗳️
Explanation: Only visible for PassSureExam members. You can sign-up / login (it's free).
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