The FAR or the Financing Accounting and Reporting section of CPA training and examination holds a vital importance and contribution to the holistic development of professionals. It covers major practical topics like –
- GAAP
- Financial statements
- Financial transactions
- Reporting for non-profits
For some professionals, FAR is a highly challenging of the four components due to the length of the syllabus and the vast scope of information to be covered within the time specified.
FAR is also considered comparatively more complex than the other components of CPA because it tests deep concepts and understanding of financial reports, statement presentation, and significant business transactions using GAAP, IFRS, and Governmental Accounting systems. FAR is much easier to tackle with the regular and consistent learning through CPA online classes.
FAR also provides information to students about employee benefits, transfers, compiling operations and research costs, calculating fair value figures, and correcting errors in transactions.
Conceptual Framework and Financial Reporting:
It covers topics compiling different aspects of standard setting, understanding of financial statements, and several reporting. Students can be well versed with the financial reporting process for both non-profit and non-government organizational structures by attending the best CPA training in India.
Financial Statement Accounts:
It helps students understand the process of evaluation of balance sheets , income statement, cash flow statement, and statement of retained earnings accounts. It also delivers extensive information regarding those transactions that affect these mentioned accounts.
Transactions
This covers topics like contingencies, leases, etc. along with their computation and recognition along with certain other operations.
State and Local Governmental Accounting:
They provide a general ,bird eye view of fund accounting and governmental accounting in general.
To successfully clear the CPA exam, candidates must be able to commit a minimum of 15-20 hours per week towards CPA training and preparation.
Other criteria –
Below are some standard eligibility criteria for students who desire to pursue CPA –
- Graduation or equivalent degree
- 150 semester hours of college course
- 1-2 years of experience under any CPA
Below are the eligibility criteria particular for Indian candidates –
- Membership with the Institute of Chartered Accountants of India (ICAI) (or) Institute of Cost and Works Accountants in India (or) Company Secretaries in India (or) Master of Commerce or MBAs
- CPA exam and license each require 120 credits to take the US CPA exam. In India 20 credits are allotted for 1 year graduation.
To successfully clear the CPA exam, candidates must be able to commit a minimum of 15-20 hours per week towards CPA training and preparation.
Other criteria –
Below are some standard eligibility criteria for students who desire to pursue CPA –
- Graduation or equivalent degree
- 150 semester hours of college course
- 1-2 years of experience under any CPA
Below are the eligibility criteria particular for Indian candidates –
- Membership with the Institute of Chartered Accountants of India (ICAI) (or) Institute of Cost and Works Accountants in India (or) Company Secretaries in India (or) Master of Commerce or MBAs
- CPA exam and license each require 120 credits to take the US CPA exam. In India 20 credits are allotted for 1 year graduation.