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This qualification helps both new and seasoned accountants to test their qualifications, develop their abilities, and enhance their understanding of the overall discipline. Via their local state board, prospective applicants can learn more about the licensing process specifics and visit the NASBA website for information about the standardized CPA test. The growing demand for CPAs across the job market is motivated by many factors, so the trend is likely to continue soon. Accountants winning their FAR earn 10 percent more on average than non-FAR colleagues and have more chances to grow their careers. In job searching, being FAR certified can also be a big boon as it shows professional dedication and makes the candidate stand out from others. Among several other specialist fields, FAR certification demonstrates qualification for auditing, business strategy, bookkeeping, and forensic accounting. Becoming accredited opens the doors to hundreds of various career paths and is essential for foreign positions in particular.
Many accountants joining the profession are curious about the advantages of being Financial Accounting and Reporting (FAR) certified so that they can determine if the time and energy to undertake this achievement are worth devoting. The certification process may undoubtedly be rigorous and difficult, but for those employed in industry or finance, success offers some notable advantages. In the US, several states have their board that regulates the certification in their jurisdiction of public accountants.
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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Conceptual Framework, Standard-Setting, and Financial Reporting | 25–35% | - Disclosure requirements - Financial statement presentation - Conceptual framework and GAAP hierarchy |
| Topic 2: Select Financial Statement Accounts | 30–40% | - Consolidations and business combinations - Equity, EPS, and share-based payments - Pensions and post-employment benefits - Leases (ASC 842) - Revenue recognition (ASC 606) |
| Topic 3: State and Local Government Accounting | 20–25% | - Modified accrual vs full accrual accounting - Budgetary accounting - Fund accounting and governmental financial statements |
| Topic 4: Not-for-Profit (NFP) Accounting | 10–15% | - Revenue and contribution recognition - NFP financial statements |
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