Core: Financial Accounting and Reporting (FAR)

The Financial Accounting and Reporting (FAR) section of the Uniform CPA Examination (the Exam) assesses the knowledge and skills that newly licensed CPAs must demonstrate in the financial accounting and reporting frameworks used by for-profit (public and nonpublic) and not-for-profit entities. The frameworks eligible for assessment include the standards and/or 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)

The FAR section of the Exam will also assess foundational concepts related to the accounting requirements for state and local governments as issued by the
Governmental Accounting Standards Board (GASB).