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The Financial Accounting and Reporting section tests knowledge of accounting principles generally accepted in the United States of America (GAAP) for business enterprises, not-for-profit organizations, and governmental entities, and the skills needed to apply that knowledge. Content covered in this section includes financial accounting concepts and standards, and their application.
To demonstrate such knowledge and skills, candidates will be required to:
- Obtain and document information for use in financial statement presentations
- Evaluate, analyze, and process entity information for reporting in financial statements
- Communicate entity information and conclusions
- Analyze information and identify data relavant to financial accounting and reporting
- Identify financial accounting and reporting methods and select those that are suitable
- Perform calculations, formulate conclusions
- Present results in writing in a financial statement format or other appropriate format
Lambers CPA Review offers 4 ways to prepare for the FAR section:
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