This is not intended to be viewed as all-inclusive list of material tested in the FAR section of the CPA Exam. The exam covers standards and/or regulations issued by the:
Financial Accounting Standards Board (FASB)
U.S. Securities and Exchange Commission (U.S. SEC)
American Institute of Certified Public Accountants (AICPA)
Governmental Accounting Standards Board (GASB)
The section includes both for-profit and not-for-profit entities. As well as, concepts related to accounting requirements for state and local governments. Topics include but not limited to the following:
Cash and cash equivalents.
Property, plant and equipment.
Investments, including financial assets at fair value, financial assets at amortized cost and equity method investments.
Intangible assets, with a focus on finite-lived intangible assets.
Payables and accrued liabilities.
Long-term debt, including notes and bonds payable and debt covenant calculations.
Equity transactions, specifically focusing on equity issuance, stock dividends, stock splits and treasury stock.
Accounting changes and error corrections.
Contingencies and commitments.
Revenue recognition, specifically focusing on recalling and applying the five-step model and accounting for contributions received by not-for-profit entities.
Accounting for income taxes.
Fair value measurement concepts and classification within the fair value hierarchy.
Leases, specifically focusing on recalling and applying lessee accounting requirements.
The Taxation and Regulation (REG) section of the Uniform CPA Examination test the knowledge and skills that AlCPAs must demonstrate with respect to:
U.S. ethics and professional responsibilities related to tax practice
U.S. business law
U.S. federal tax compliance for individuals and entities with a focus on recurring and routine transactions
The content includes but is not limited to the following:
Ethics and professional responsibilities related to tax practice
Federal Taxation of Property Transactions
Federal Taxation of Individuals
Federal Taxation of Entities (including tax preparation)
Undergraduate accounting course material includes but is not limited to the following areas of study: financial accounting, cost accounting, and managerial accounting. The topics include but not limited to:
Accounting Information Systems
Income Tax Accounting
OTHER TUTORING SERVICES
Other tutoring services include any area of accounting not associated with the above mention. For example; some graduate courses, exams relating to banking, HVAC license, high school students taking college accounting courses, help with tax courses or exams are just a few ways we can help students and professionals advance.