AICPA-FAR Practice Test and Study Guide
Accountant AICPA-FAR Exam Specifications
- Exam Code:
- AICPA-FAR
- Exam Name:
- CPA Financial Accounting and Reporting
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Skills Covered in CPA Financial Accounting and Reporting (AICPA-FAR)
CPA Financial Accounting and Reporting tests how assets and liabilities are identified, valued, and reported, how equity activities and complex instruments are handled, how revenue is recognized and leases are accounted for, and how investments are valued and impairments assessed. It also covers consolidation and business combinations, intercompany eliminations and noncontrolling interests, how financial instruments are classified and impaired, derivatives and hedging strategies, income taxes including current and deferred aspects, and the disclosure of contingencies and commitments.
Essential Skills
- Recognition, measurement, and disclosure of assets and liabilities
- Equity transactions, complex instruments, and earnings per share
- Revenue recognition and measurement
- Leases: recognition of right-of-use assets and lease liabilities
- Investments, impairment, and fair value measurement
- Financial instruments: classification, recognition, impairment, and disclosures
- Derivatives and hedging activities
- Income taxes: current and deferred tax accounting, tax provisions, and valuation allowances
- Consolidations, business combinations, intercompany eliminations, and noncontrolling interests
- Contingencies, commitments, and disclosures
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