In Financial Accounting and Reporting (FAR) section, you will be introduced to the basic nuances of economic and financial statements. In addition, you will be exposed to all the accounting and reporting for general business, government and non-government units.
The CPA FAR syllabus will cover the key differences between GAAP basis and IFRS basis financial statements. The section outlines the fundamental principles and standards as acknowledged in the US. It also involves compilation, evaluation and analysis of financial statements, execution of calculations and identification of various financial and reporting methods. The purpose of this section is to prepare students to perform proper judgments in the application of principles in accounting.
Students are most likely to get overwhelmed given the vast volume of FAR materials, therefore, it is suggested that they opt for this section first. Taking up the FAR section first will benefit you in the long run, as it is considered as the most time consuming section of all the four sections. Getting done with the biggies is almost always advisable.
Clearing CPA FAR section is tough, as most students do not find enough time to cover all the material. Taking the risk of lagging behind to study the entire module is not a good idea! In order to pass this exam, it is advisable to schedule your studies months before the exam, as it would definitely help to beat the odds of failing.
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