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Exam Code: FAR
Exam Name: CPA Financial Accounting and Reporting
Updated: Jul 31, 2026
Q & A: 165 Questions and Answers
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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Not-for-Profit (NFP) Accounting | 10–15% | - NFP financial statements - Revenue and contribution recognition |
| Topic 2: Select Financial Statement Accounts | 30–40% | - Consolidations and business combinations - Revenue recognition (ASC 606) - Pensions and post-employment benefits - Leases (ASC 842) - Equity, EPS, and share-based payments |
| Topic 3: State and Local Government Accounting | 20–25% | - Fund accounting and governmental financial statements - Modified accrual vs full accrual accounting - Budgetary accounting |
| Topic 4: Conceptual Framework, Standard-Setting, and Financial Reporting | 25–35% | - Financial statement presentation - Disclosure requirements - Conceptual framework and GAAP hierarchy |
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