The FAR or the Financing Accounting and Reporting section of CPA training and examination holds a vital importance and contribution to the holistic development of professionals. It covers major practical topics like –

• GAAP
• Financial statements
• Financial transactions
• Reporting for non-profits

The FAR syllabus for CPA USA is organized and covered under the following major portions-

• Conceptual Framework, Standard Setting and presentation of Financial Statements (17-23%)
• Financial Statement Accounts: Recognition, Measurement, Valuation, Calculation, Presentation and Disclosures (27-33%)
• Specific Transactions, Events and Disclosures: Recognition, Measurement, Valuation, Calculation, Presentation, and Disclosures (27% – 33%)
• Governmental Accounting and Reporting (8% – 12%)
• Not-for-Profit (Nongovernmental) Accounting and Reporting (8%-12%)