Financial Accounting and Reporting is a 4 hour exam that covers the following topics:

* FAR-1: Conceptual Framework, Cash & Cash Equivalents, Cost & Equity Method, Marketable Securities, Financial Instruments & Derivatives
* FAR-2: Inventory, Property, Plant & Equipment, Intangible Assets, R&D Costs & Other Assets
* FAR-3: Bonds, Leases, Liabilities, Receivables
* FAR-4: Pensions & Postemployment Benefits, Stockholders’ Equity, Partnerships
* FAR-5: Reporting the Results of Operations, Accounting for Income Taxes, Interim Financial Reporting, Segment Reporting
* FAR-6: Statement of Cash Flows, Earnings Per Share (EPS), Financial Statement Analysis, Installment Sales & cost Recovery, Long Term Construction Contracts, Personal F/S, Foreign Operations, Inflation Accounting
* FAR-7: Governmental Accounting
* FAR-8: Consolidated Financial Statements, Non-Profit Accounting

Studying for FAR can take a CPA exam candidate between 100 and 250 hours depending on the CPA exam review course they are using and their study strategy.

Many candidates are overwhelmed and intimidated by FAR as it is the largest CPA exam section of the four (FAR, REG, AUD, BEC) but study strategies for this section should not really be altered in any way in comparison to the others. The experts (hello!) say the best plan is to digest FAR in smaller pieces and work up towards the big day, adding larger amounts of information onto the foundation each day.

hahahaha, there you go, Krupo, was that “value” enough for you? Leave Kel alone, she’s STUDYING!!!!

Adrienne