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Financial Accounting and Reporting (FAR)

Finical Accounting and Reporting is known as being the most difficult of all four parts in terms of its length, difficulty and level of comprehension needed. Shown below is the pass rate for FAR for the past 12 years of which in no years have the average pass rates been above 50%.

Areas of focus on this part of the exam include knowledge on US GAAP (Generally Accepted Accounting Principles), standards for financial statements, accounting and reporting for government entities, and accounting and reporting for nongovernmental and not-for-profit organizations.

The Exam consists of: Far_pic

Conceptual Framework, Standard-setting, and financial reporting	25-35%
Select Financial Statement Accounts	30-40%
Select Transactions	20-30%
State and Local Governments	5-15%

4 hours are given to complete all parts of the exam which includes 66 multiple chose questions, and 8 task-based simulations.
Of the 66 multiple choice questions only 54 are typically operational meaning they count towards your score. the remaining 12 are pretested and do not count towards the exam score.

Made Fall 2019
by myself.