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AICPA-FAR exam Format | AICPA-FAR Course Contents | AICPA-FAR Course Outline | AICPA-FAR exam Syllabus | AICPA-FAR exam Objectives

Exam Code: AICPA FAR

Exam Name: AICPA CPA Financial Accounting and Reporting

Total Questions: 50 MCQs

Scoring: 50% from MCQs

otal Duration: 4 hours

Number of Testlets: 5



Area I : (30–40%) Financial Reporting

Area II : (30–40%) II. Select Balance Sheet Accounts

Area III : (25-35%) Select Transactions





Area I : Financial Reporting



- Conceptual Framework and Standard Setting

- Objectives of financial reporting

- Qualitative characteristics of accounting information

- Elements of financial statements

- Recognition and measurement criteria

- Constraints and assumptions (e.g., going concern, accrual basis)



- Standard-Setting Bodies and Their Roles

- FASB (Financial Accounting Standards Board)

- GASB (Governmental Accounting Standards Board)

- SEC (Securities and Exchange Commission)

- AICPA



- FASB Codification Structure

- Topics, subtopics, sections, and paragraphs

- Research using the FASB Codification



- US GAAP vs IFRS

- Similarities and key differences

- Principles vs rules-based standards

- Inventory, leases, revenue recognition, PPE, impairment, etc.



- Presentation of Financial Statements

- Income statement (multiple-step vs single-step)

- Statement of comprehensive income

- Balance sheet

- Statement of cash flows (direct vs indirect method)

- Statement of changes in equity



- Notes to Financial Statements

- Summary of significant accounting policies

- Subsequent events

- Related-party disclosures

- Contingencies



- Interim and Segment Reporting

- Reporting requirements for interim financial statements

- Operating segments and disclosure thresholds

- Major customers, products, geographic areas



- SEC Reporting

- 10-K, 10-Q, 8-K, S-1 forms

- Regulation S-X and S-K

- Inline XBRL requirements



- Accrual accounting

- Fair value hierarchy (Level 1, 2, 3)

- OCI (Other Comprehensive Income)

- EPS (Basic vs Diluted)

- Comprehensive income

- Component of an entity

- Materiality

- Consistency vs comparability

- Subsequent events (Type I vs Type II)

- Form 10-K/Q filings





Area II : (30–40%) II. Select Balance Sheet Accounts



- Cash & Cash Equivalents:

- Bank reconciliations

- Restricted cash, compensating balances



- Receivables:

- Allowance for Doubtful Accounts (Direct Write-off vs. Allowance Method)

- Factoring, Pledging, Discounting of receivables

- Impairment of receivables



- Inventory:

- Costing methods (FIFO, LIFO, Weighted Average)

- Lower of Cost or Market (LCM) / Net Realizable Value (NRV)

- Inventory valuation (Gross Profit Method, Retail Method)

- Purchase commitments and write-downs



- Property, Plant & Equipment (PP&E):

- Capitalization vs. Expensing

- Depreciation methods (Straight-line, Double Declining Balance, Units of Production)

- Asset retirement obligations (AROs)

- Impairment & disposal of long-lived assets (ASC 360)



- Intangible Assets:

- Recognition & amortization (Goodwill, Patents, Copyrights)

- Research & Development (R&D) costs

- Impairment testing (Goodwill under ASC 350)



- Investments:

- Debt vs. Equity securities (Trading, Available-for-Sale, Held-to-Maturity)

- Equity method vs. consolidation

- Fair value adjustments & impairments



- Leases (ASC 842):

- Lessee accounting (Finance vs. Operating leases)

- Lessor accounting (Sales-type, Direct financing, Operating leases)

- Lease modifications & terminations



- Liabilities:

- Current vs. Long-term liabilities

- Contingencies & provisions (ASC 450)

- Warranty obligations



- Debt Financing:

- Bonds payable (Premium/Discount amortization, Effective Interest Method)

- Convertible debt & debt extinguishment

- Troubled debt restructuring



- Equity:

- Common vs. Preferred stock

- Treasury stock (Cost method)

- Stock dividends & splits

- Retained earnings restrictions



- NRV (Net Realizable Value)

- Market (LCM valuation)

- Depreciable base

- Capital lease vs operating lease (pre-ASC 842)

- Lease liability

- Fair value option

- Amortized cost

- Impairment loss

- Carrying amount

- Recoverability test

- ADA (Allowance for Doubtful Accounts)





Area III : (25-35%) Select Transactions



- Revenue Recognition (ASC 606)

- Five-step model:

- Identify contract

- Identify performance obligations

- Determine transaction price

- Allocate transaction price

- Recognize revenue

- Contract modifications

- Principal vs agent

- Licensing, warranties



- Income Taxes (ASC 740)

- Current vs deferred tax

- Temporary vs permanent differences

- Deferred tax assets and liabilities

- Valuation allowance

- Uncertain tax positions



- Pensions and Postemployment Benefits (ASC 715)

- Defined benefit vs defined contribution plans

- PBO, ABO, FV of plan assets

- Net periodic pension cost components

- Funded status reporting



- Stockholders' Equity

- Common and preferred stock

- Stock dividends and stock splits

- Treasury stock (cost and par method)

- Retained earnings appropriations



- Share-Based Compensation (ASC 718)

- Stock options (vesting, grant date, expense recognition)

- Restricted stock

- Fair value estimation models (Black-Scholes)



- Earnings per Share (EPS)

- Basic and diluted EPS

- Complex capital structures

- Convertible securities, options, and warrants



- Statement of Cash Flows

- Operating, investing, financing activities

- Direct vs indirect methods

- Non-cash investing and financing activities



- Deferred tax asset/liability

- Temporary difference

- Stock compensation expense

- Treasury stock

- Dilutive securities

- Defined benefit obligation

- Pension expense components

- Operating cash flow

- Option intrinsic vs fair value

- Convertible debt/equity

- Vesting period

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