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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 |
| Real Exam Qty: | Approximately 50–60 MCQs + Task-Based Simulations (TBS) |
| Available Languages: | English |
| Passing Score: | 75 (on a 0–99 scaled score) |
| Exam Price: | USD 250–300 per section (varies by jurisdiction) |
| Exam Format: | Multiple Choice Questions (MCQ), Task-Based Simulations (TBS) |
| Related Certifications: | CPA Business Analysis and Reporting (BAR) CPA Audit (AUD) CPA Regulation (REG) |
| Exam Duration: | 240 minutes |
| Certificate Validity Period: | 18 months (credit window after passing) |
| 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 |
|---|---|---|
| Topic 1: Select Financial Statement Accounts | 30–40% | - Leases (ASC 842) - Revenue recognition (ASC 606) - Equity, EPS, and share-based payments - Consolidations and business combinations - Pensions and post-employment benefits |
| Topic 2: Not-for-Profit (NFP) Accounting | 10–15% | - NFP financial statements - Revenue and contribution recognition |
| Topic 3: Conceptual Framework, Standard-Setting, and Financial Reporting | 25–35% | - Financial statement presentation - Disclosure requirements - Conceptual framework and GAAP hierarchy |
| Topic 4: State and Local Government Accounting | 20–25% | - Modified accrual vs full accrual accounting - Budgetary accounting - Fund accounting and governmental financial statements |
AICPA FAR Exam: FAQ for Serious Candidates
AICPA CPA Financial Accounting and Reporting is an official AICPA / NASBA exam, listed under exam code FAR. A passing result earns you the Certified Public Accountant (CPA) certification at the Professional level. It also ties into CPA Audit (AUD), CPA Regulation (REG), CPA Business Analysis and Reporting (BAR), extending its value across your certification roadmap. Employers read this credential as verified competence, which is why it keeps appearing in job requirements.
Expect Approximately 50–60 MCQs + Task-Based Simulations (TBS) questions inside 240 minutes on the AICPA CPA Financial Accounting and Reporting exam. That pace punishes hesitation, so rehearse it: the ActualPDF software engine simulates the real exam scene, reminds you of the questions you got wrong, and pushes you to re-practice them until the clock stops being your enemy.
Passing AICPA CPA Financial Accounting and Reporting requires 75 (on a 0–99 scaled score), and the official registration fee is USD 250–300 per section (varies by jurisdiction). Retakes charge the full USD 250–300 per section (varies by jurisdiction) again, which is why experienced candidates treat preparation as the cheaper exam fee. Verify your readiness with repeated ActualPDF practice scores above the requirement before you commit to a date.
No formal prerequisite to sit for FAR, but CPA licensure generally requires 150 semester hours of education and state-specific eligibility requirements.
Requirements evolve, so confirm the current conditions before registering on the official exam page.
Registration for AICPA CPA Financial Accounting and Reporting goes through the official channels listed here.
When you schedule, note that the exam is delivered Computer-based testing at Prometric test centers.
AICPA / NASBA recommends the following training for AICPA CPA Financial Accounting and Reporting candidates.
Follow any course with the 165 practice questions in the ActualPDF FAR package; the software engine will even remind you which mistakes need another round.
Yes. ActualPDF provides a free download demo of the AICPA CPA Financial Accounting and Reporting material, so you can check the content before choosing a version. After purchase, a one-year warranty covers you: the latest version is sent to you as it releases, free for 365 days, and after expiry you can extend the update service at a 50% discount.
Your purchase is covered by a 100% money-back guarantee with clear conditions. Take the AICPA CPA Financial Accounting and Reporting exam within 60 days of purchase; if you fail, provide your unqualified result by submitting a scanned enrollment slip and the official Score Report PDF within 2 days of the exam, and the full refund is processed within 7 days. The exam must match your product, candidate and payer names must match, and attempts within 3 days of purchase, unused downloads, free materials, and expired orders are not covered. Alternatively, exchange for two other exam products of equal value, free, or wait for updates while keeping your original product's update service.
Delivery is instant: files unlock for download at payment and are emailed within one minute. If nothing arrives within 2 hours, check spam and contact customer service, which works 7/24 and normally replies within two hours. Installation is unlimited across your computers.
The AICPA CPA Financial Accounting and Reporting syllabus spans 4 domains, led by State and Local Government Accounting (20–25%), Conceptual Framework, Standard-Setting, and Financial Reporting (25–35%), and Not-for-Profit (NFP) Accounting (10–15%). The complete topic list is published above; candidates who study the map first rarely get lost later.
AICPA CPA Financial Accounting and Reporting Sample Questions:
Question 1
On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed, working closely with
Quo's president and outside accountants, made changes in accounting policies, corrected several errors
dating from 1992 and before, and instituted new accounting policies.
Quo's 1993 financial statements will be presented in comparative form with its 1992 financial statements.
This question represents one of Quo's transactions. List B represents the general accounting treatment
required for these transactions. These treatments are:
. Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the
accounting change or error correction in the 1993 financial statements, and do not restate the 1992
financial statements.
. Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust
1 992 beginning retained earnings if the error or change affects a period prior to 1992.
. Prospective approach - Report 1993 and future financial statements on the new basis but do not restate
1 992 financial statements.
Item to Be Answered
As a result of a production breakthrough, Quo determined that manufacturing equipment previously
depreciated over 15 years should be depreciated over 20 years.
List B (Select one)
A. Retroactive or retrospective restatement approach.
B. Cumulative effect approach.
C. Prospective approach.
Question 2
Gown, Inc. sold a warehouse and used the proceeds to acquire a new warehouse. The excess of the
proceeds over the carrying amount of the warehouse sold should be reported as a(an):
A. Extraordinary gain, net of income taxes.
B. Reduction of the cost of the new warehouse.
C. Part of continuing operations.
D. Gain from discontinued operations, net of income taxes.
Question 3
According to the FASB conceptual framework, predictive value is an ingredient of:
A. Option C
B. Option B
C. Option A
D. Option D
Question 4
On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed, working closely with
Quo's president and outside accountants, made changes in accounting policies, corrected several errors
dating from 1992 and before, and instituted new accounting policies.
Quo's 1993 financial statements will be presented in comparative form with its 1992 financial statements.
This question represents one of Quo's transactions. List A represents possible clarifications of these
transactions as: a change in accounting principle, a change in accounting estimate, a correction of an
error in previously presented financial statements, or neither an accounting change nor an accounting
error.
Item to Be Answered
The equipment that Quo manufactures is sold with a five-year warranty. Because of a production
breakthrough, Quo reduced its computation of warranty costs from 3% of sales to 1% of sales.
List A (Select one)
A. Change in accounting estimate.
B. Correction of an error in previously presented financial statements.
C. Neither an accounting change nor an accounting error.
D. Change in accounting principal.
Question 5
An extraordinary gain should be reported as a direct increase to which of the following?
A. Income from discontinued operations, net of tax.
B. Net income.
C. Comprehensive income.
D. Income from continuing operations, net of tax.
Solutions:
| Question 1 Answer: C | Question 2 Answer: C | Question 3 Answer: D | Question 4 Answer: A | Question 5 Answer: B |
