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CPA Exam Preparation: FAR (Financial Accounting & Reporting)
Comprehensive preparation for the AICPA Uniform CPA Examination - Financial Accounting and Reporting (FAR) Core section. Covers FASB Conceptual Framework, balance sheet accounts, CECL credit losses, inventory valuation (Dollar-Value LIFO), PP&E exchanges, debt and equity investments, business combinations and consolidations, bonds, leases (ASC 842), revenue recognition (ASC 606), income taxes (ASC 740), EPS, stockholders equity, governmental accounting (GASB), and not-for-profit entities (ASC 958).
Course Overview
Comprehensive preparation for the AICPA Uniform CPA Examination - Financial Accounting and Reporting (FAR) Core section. Covers FASB Conceptual Framework, balance sheet accounts, CECL credit losses, inventory valuation (Dollar-Value LIFO), PP&E exchanges, debt and equity...
What You'll Learn
- Master the FASB Conceptual Framework (SFAC No. 8), qualitative characteristics of accounting information, and presentation of balance sheets, income statements, and comprehensive income (ASC 205, ASC 210, ASC 220).
- Apply ASC Topic 820 Fair Value Measurement hierarchy (Levels 1, 2, 3), valuation techniques, and mandatory valuation disclosures.
- Execute four-column bank reconciliations (Proof of Cash), classify cash and cash equivalents under ASC 230, and account for restricted cash under ASU 2016-18.
- Implement the Current Expected Credit Losses (CECL) model under ASC Topic 326 for trade receivables, aging matrix schedules, and factoring transactions with/without recourse under ASC 860.
- Account for complex inventory cost flows (FIFO, LIFO, Dollar-Value LIFO double-extension method) and subsequent measurement at LCNRV or Lower of Cost or Market (ASC 330).
Requirements
- Bachelor's degree or equivalent academic coursework in financial accounting, corporate finance, or business administration.
- Foundational understanding of basic debits, credits, the accounting cycle, and intermediate financial accounting principles.
- Commitment to preparing for the AICPA Uniform CPA Examination - Financial Accounting and Reporting (FAR) Core section.
Earn Your Certificate
Showcase your skills with a certificate! Complete the course, submit your project, and earn your certificate. Here's a sample of what you'll receive to show off your accomplishments.
Course Curriculum
Open-access academic curriculum. All foundational lectures available to read free.
8 Chapters
•32 Lecture
•24h
1. FASB Conceptual Framework and Standard-Setting Foundations
# FASB Conceptual Framework and Standard-Setting Foundations ## 1. Deep Theoretical Foundations & Conceptual Framework The financial reporting architecture in the United States is grounded in the **FASB Conceptual Framework**, primarily codified through Statements of Financial Accounting Concepts (SFAC). The Conceptual Framework does not establish authoritative Generally Accepted Accounting Princi...
45 minutes
2. Balance Sheet and Income Statement Architecture (ASC 205 and ASC 210)
# Balance Sheet and Income Statement Architecture (ASC 205 and ASC 210) ## 1. Deep Theoretical Foundations & Conceptual Framework The Balance Sheet (Statement of Financial Position) and Income Statement (Statement of Operations) constitute the central financial reporting mechanisms depicting an enterprise’s cumulative capitalized resources, contractual liabilities, and periodic operational profita...
45 minutes
3. Statement of Comprehensive Income and Changes in Stockholders' Equity
# Statement of Comprehensive Income and Changes in Stockholders' Equity ## 1. Deep Theoretical Foundations & Conceptual Framework Financial accounting distinguishes between operational earnings realized through core commercial transactions and total non-owner changes in equity resulting from economic valuation shifts. Under **FASB ASC Topic 220 (Comprehensive Income)** and **ASC Topic 505 (Equity)...
45 minutes
4. Fair Value Measurement and Disclosures (ASC 820)
# Fair Value Measurement and Disclosures (ASC 820) ## 1. Deep Theoretical Foundations & Conceptual Framework Fair value measurement serves as a pervasive valuation attribute throughout US GAAP, governing financial instruments, business combinations, asset impairments, and derivative disclosures. Under **FASB ASC Topic 820 (Fair Value Measurement)**—which was developed in comprehensive convergence...
45 minutes
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Instructor
PAMCET Learning Team
Institutional Course Curation · PAMCET
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PAMCET Learning Team — Institutional Course Curation, Digitpen Hub LtdMy Skills:
- Curriculum Curation
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Free$15100% Off
Certificate available separately for $5 after completionCourse Includes
8 Chapters
32 Lectures
2 - 4 weeks
Skill Level advanced
Taught in English
Lifetime Access
Certification of Completion
Category: CPA FAR: Financial Accounting & Reporting
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