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FAR Exam Format | FAR Course Contents | FAR Course Outline | FAR Exam Syllabus | FAR Exam Objectives

Within the Blueprints, you will find the following information for each Exam section:


Content organized by Area, Group and Topic along with score weighting


Sample task statements that represent what you may be asked to do when testing


Skill levels at which tasks are tested


Reference materials that support the sample task statements


Number of item types you must complete (multiple-choice questions, task-based simulations and written communication tasks)


Score weighting of each item type





Content area allocation Weight


I. Conceptual Framework, Standard-Setting and Financial Reporting 25–35%


II. Select Financial Statement Accounts 30–40%


III. Select Transactions 20–30%


IV. State and Local Governments 5–15%





Each Exam section is delivered in five smaller sections called testlets. Each testlet features different item types (see below) used to test your knowledge and skills. To learn more about how each section is organized, including when you can take a break, review the CPA Exam structure.





Exam Item Types


You will be tested during the CPA Exam using three types of test items that appear within specific testlets in each section.





Multiple-Choice Questions (MCQ)


The multiple-choice portions are presented in the first two testlets of each Exam section.





Task-Based Simulations (TBS)


Task-based simulations are condensed case studies that test accounting knowledge and skills using real life, work-related situations. All task-based simulations are intended to assess knowledge and skills that are appropriate for an entry-level accountant. There are three TBS testlets in the AUD, FAR and REG sections, and two TBS testlets in the BEC section.





Written Communication Tasks


Written communication tasks appear only in the BEC section of the CPA Exam. For each of three written communication tasks, you must read a scenario and then write an appropriate document relating to the scenario. The instructions state what form the document should take (such as a memo or letter) and its focus. Your response should provide the correct information in writing that is clear, complete and professional.





Each of the four Exam sections is broken down into five smaller sections called testlets. These testlets feature multiple-choice questions (MCQs) and task-based simulations (TBSs). In the case of BEC, you also have to complete three written communication tasks. The number of MCQs and TBSs tested varies depending upon the specific section taken. You will receive at least one research question (research-oriented TBS) in the AUD, FAR and REG sections. To complete them, you will have to search the related authoritative literature and find an appropriate reference.





cpa-exam-sections


Breaks


During each Exam section, you will be offered a 15-minute break after the first TBS testlet. This is about midway through the section (two hours). You may accept this break and pause the Exam timer or you may continue testing. To accept the break, click the “Take a Break” button. During this break, you must leave the testing room and follow all Prometric security rules. The Exam timer will restart when the 15-minute break ends.





In addition to the 15-minute break, you may also take optional breaks after all other testlets but you cannot pause the Exam timer. The timer will continue to run.





The Financial Accounting and Reporting (FAR) section of the Uniform CPA

Exam (the Exam) assesses the knowledge and skills that a newly licensed

CPA must demonstrate in the financial accounting and reporting frameworks

used by business entities (public and nonpublic), not-for-profit entities and state

and local government entities.


The financial accounting and reporting frameworks that are eligible for

assessment within the FAR section of the Exam include the standards and

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)


• International Accounting Standards Board (IASB)


A listing of standards and regulations promulgated by these bodies, and other

reference materials that are eligible for exam in the FAR section of the

Exam are included under References at the conclusion of this introduction.


Content organization and tasks


The FAR section blueprint is organized by content AREA, content GROUP and

content TOPIC. Each group or topic includes one or more representative TASKS

that a newly licensed CPA may be expected to complete in practice.


Tasks in the FAR section blueprint are representative. The tasks are not

intended to be (nor should they be viewed as) an all-inclusive list of tasks that

may be tested in the FAR section of the Exam. Additionally, it should be noted

that the number of tasks associated with a particular content group or topic

is not indicative of the extent such content group, topic or related skill level

will be assessed on the Exam. For example, the topic titled “Notes to financial

statements” in Area I includes two tasks that are intended to encompass the

required disclosures for any topic in the FASB Accounting Standards Codification,

while the group titled “Leases” in Area III includes eight tasks that are limited

to the accounting requirements in the Leases Topic of the FASB Accounting

Standards Codification. The number of tasks included in the blueprint for this





group and this topic is not intended to suggest that “Leases” are more significant

to newly licensed CPAs or will be tested more than the “Notes to financial

statements.” Similarly, examples provided within the task statements should not

be viewed as all-inclusive.


Content allocation


The following table summarizes the content areas and the allocation of content

tested in the FAR section of the Exam:


Overview of content areas


Area I of the FAR section blueprint covers FASBs Conceptual Framework, FASBs

standard-setting process and several different financial reporting topics. The

financial reporting topics include the following:


• General-purpose financial statements applicable to for-profit entities,

not-for-profit entities and employee benefit plans under the FASB Accounting

Standards Codification


• Disclosures specific to public companies including earnings per share

and segment reporting under the FASB Accounting Standards Codification

and the interim, annual and periodic filing requirements for U.S. registrants in

accordance with the rules of the U.S. SEC


• Financial statements prepared under special purpose frameworks as described

in AU-C Section 800 of the Codification of Statements on Auditing Standards

Area II of the FAR section blueprint covers the financial accounting and

reporting requirements in the FASB Accounting Standards Codification that are

applicable to select financial statement accounts.


• To the extent applicable, each group and topic in the area is eligible for testing

within the context of both for-profit and not-for-profit entities.

– If significant accounting or reporting differences exist between for-profit

and not-for-profit entities for a given group or topic, such differences are in

representative not-for-profit tasks in the blueprint.


Area III of the FAR section blueprint covers the financial accounting and

reporting requirements for select transactions that are applicable to entities

under the FASB Accounting Standards Codification and the IASB standards.

• The testing of content under the IASB standards is limited to a separate group

titled, “Differences between IFRS and U.S. GAAP.”


• To the extent applicable, the remaining groups in the area are eligible for

testing within the context of both for-profit and not-for-profit entities.

– If significant accounting or reporting differences exist between for-profit and

not-for-profit entities, such differences are in representative not-for-profit

tasks in the blueprint.


Area IV of the FAR section blueprint covers GASBs conceptual framework as

well as the financial accounting and reporting requirements for state and local

governments under the GASB standards and interpretations.


Section assumptions


The FAR section of the Exam includes multiple-choice questions, task-based

simulations and research prompts. When completing questions in the FAR

section of the Exam, candidates should assume that all of the information

provided in each question is material. In addition, candidates should assume

that each question applies to a for-profit business entity reporting under U.S.

GAAP unless otherwise stated in the fact pattern for a question. For example,

questions that apply to not-for-profit entities specify the nature of these entities


as “not-for-profit” or “non-governmental, not-for-profit.” Questions that apply to

IFRS include phrases such as “under IFRS” or “according to IFRS.” Questions

that apply to the state and local governments include phrases such as “local

government,” “state,” “municipality” or “city.”


Skill allocation


The Exam focuses on testing higher order skills. Based on the nature of

the task, each representative task in the FAR section blueprint is assigned

a skill level. FAR section considerations related to the skill levels are

discussed below.


Skill levels


Evaluation The examination or exam of problems, and

use of judgment to draw conclusions.


Analysis


The examination and study of the interrelationships

of separate areas in order to identify causes and find

evidence to support inferences.


Application The use or demonstration of knowledge, concepts

or techniques.


Remembering and

Understanding

The perception and comprehension of the

significance of an area utilizing knowledge gained

Remembering and Understanding tasks are in all four areas of the FAR blueprint.

These tasks, such as identifying transactions and financial reporting requirements,

frequently require newly licensed CPAs to demonstrate their comprehension of

accounting concepts and standards. Area IV has the highest concentration of

remembering and understanding tasks.


• Application tasks are in all four areas of the FAR blueprint. These tasks, such as

preparing journal entries and financial statements, frequently require newly licensed

CPAs to use accounting concepts and standards to measure and recognize financial

statement amounts.


• Analysis tasks are in Area I, Area II and Area III of the FAR blueprint. These tasks,

such as reconciling account balances, interpreting agreements and detecting

financial reporting discrepancies, frequently require newly licensed CPAs to

demonstrate a higher level of interpretation. Area I and Area II have the highest

concentration of analysis tasks.


The representative tasks combine both the applicable content knowledge and the

skills required in the context of the work that a newly licensed CPA would reasonably

be expected to perform. The FAR section does not test any content at the Evaluation

skill level as newly licensed CPAs are not expected to demonstrate that level of skill in

regards to the FAR content.

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