US CPA Exam Preparation: Financial Accounting and Reporting (FAR)
Financial Accounting and Reporting is one of the core sections of the US CPA exam, and for many candidates the broadest in scope.
About this course
Financial Accounting and Reporting is one of the core sections of the US CPA exam, and for many candidates the broadest in scope. This 15-day programme follows the published FAR blueprint, from the financial reporting framework and select balance sheet accounts to key transactions and reporting for not-for-profit and government entities.
You will practise both multiple-choice questions and task-based simulations to build speed and accuracy. The course fee covers training and materials; exam fees are separate and paid to the exam provider. Successful completion of the course earns an Alalamia certificate.
What you'll learn
- Apply US GAAP to the preparation of general-purpose financial statements
- Account for select balance sheet items including receivables, inventory, fixed assets, investments and debt
- Account for select transactions such as revenue recognition, leases, income taxes and accounting changes
- Explain financial reporting for not-for-profit entities
- Explain financial reporting for state and local governments
- Solve multiple-choice questions and task-based simulations under timed conditions
Curriculum
- The CPA exam structure and core sections
- The FAR blueprint
- Question types and exam strategy
- Standard setting and US GAAP
- The conceptual framework
- General-purpose financial statements
- Notes and disclosures
- Cash and cash equivalents
- Receivables and credit losses
- Inventory costing and valuation
- Acquisition and depreciation
- Impairment
- Intangible assets and goodwill
- Debt and equity investments
- Equity method
- Fair value measurement
- Payables and accruals
- Bonds and long-term debt
- Contingencies and commitments
- Equity transactions
- Revenue recognition
- Leases
- Income taxes
- Accounting changes and error corrections
- Subsequent events
- Financial statements of not-for-profit entities
- Net asset classification
- Contributions
- The governmental reporting model
- Fund accounting
- Government-wide statements
- Task-based simulation practice
- Timed multiple-choice practice
- Mock exam and feedback
- Final revision plan
Who it's for
Accountants and finance graduates preparing for the FAR section of the US CPA exam.
Before you start
- A sound knowledge of financial accounting
- Check the US CPA eligibility requirements of your chosen state board before enrolling
Prepares for
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