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Understanding the exact breakdown of the AICPA Financial Accounting and Reporting test will help you know what to expect and how to most effectively prepare. The AICPA Financial Accounting and Reporting has 66 multiple-choice questions . The exam will be broken down into the sections below:
| AICPA Financial Accounting and Reporting Exam Blueprint | ||
|---|---|---|
| Domain Name | % | Number of Questions |
| Conceptual Framework - Standard-Setting and Financial Reporting | 25-35% | 21 |
| Select Financial Statement Accounts | 30-40% | 25 |
| Select Transactions | 20-30% | 17 |
| State and Local Governments | 5-15% | 4 |
AICPA Financial Accounting and Reporting Study Tips by Domain
- Apply the conceptual framework hierarchy: identify the appropriate GAAP source (ASC) before using analogies; red flag—jumping to industry practice or IFRS when U.S. GAAP directly addresses the issue.
- Recognize the primary qualitative characteristics (relevance and faithful representation) and treat enhancing characteristics (comparability, verifiability, timeliness, understandability) as secondary; common trap—choosing a less faithful measurement just because it improves comparability.
- Use the recognition criteria (definition, measurability, relevance, faithful representation) when deciding whether to record or disclose; red flag—trying to recognize items that are only remotely probable or not reasonably estimable.
- Know measurement bases (historical cost, current cost, fair value, net realizable value, present value) and when they better depict economic substance; priority rule—don’t default to fair value if it reduces faithful representation due to unobservable inputs.
- Differentiate between a change in accounting principle, estimate, and reporting entity and apply the right transition (retrospective vs prospective); common trap—treating an estimate change as a prior-period error to justify restatement.
- Understand standard-setting and oversight roles (FASB/ASC, SEC authority for public companies, PCAOB audit standards) and related disclosures; red flag—confusing SEC Regulation S-X/S-K requirements with GAAP recognition and measurement.
- Inventory measurement: apply LCNRV for most inventory and lower of cost or market (with ceiling/floor) for LIFO/retail—common trap is using market rules for FIFO/average.
- PPE and intangibles: capitalize costs that prepare the asset for use and expense repairs/maintenance; red flag is capitalizing training, start-up, or routine maintenance.
- Depreciation/amortization: changes in method, life, or residual value are changes in estimate (prospective), not error corrections—trap is attempting restatement.
- Impairment: long-lived assets held and used use the recoverability test (undiscounted CF) before measuring loss at fair value; priority cue is goodwill impairment is a separate, entity-level test.
- Receivables and credit losses: use the CECL model (lifetime expected losses) and record an allowance via bad-debt expense; common trap is waiting for a specific default before recognizing loss.
- Income taxes: identify temporary differences and assess valuation allowance based on “more-likely-than-not” realization; red flag is recording deferred taxes for permanent differences.
- Revenue recognition (ASC 606)—identify the contract and performance obligations, then allocate transaction price; red flag: treating a variable consideration bonus as guaranteed without applying the constraint.
- Leases (ASC 842)—classify as finance vs operating based on transfer of control indicators; common trap: forgetting to separate nonlease components and update the discount rate when required for modifications.
- Income taxes (ASC 740)—compute deferred taxes for temporary differences and evaluate valuation allowances; red flag: confusing permanent differences (no DTA/DTL) with temporary differences (create DTA/DTL).
- Pensions and other postretirement benefits—track service cost, interest cost, expected return, and amortizations in net periodic cost; common trap: misclassifying service cost (operating) versus other components (often nonoperating).
- Business combinations and consolidations—apply acquisition method with identifiable assets/liabilities at fair value and recognize goodwill; red flag: expensing acquisition-related costs instead of capitalizing them into consideration.
- Derivative instruments and hedging (ASC 815)—measure derivatives at fair value with specific OCI vs earnings presentation depending on hedge type; common trap: missing formal hedge documentation at inception, which forces mark-to-market through earnings.
- Identify the reporting entity and fund types (governmental, proprietary, fiduciary) and remember the red flag: fiduciary activities are excluded from government-wide statements but still require fund statements.
- Apply modified accrual in governmental funds — revenues only when measurable and available (often 60 days); common trap: recording long-term debt proceeds as revenue instead of other financing sources.
- Convert fund statements to government-wide statements by adding capital assets and long-term liabilities and recording depreciation; red flag: forgetting the reconciliation schedules required on the face of the statements or in notes.
- Distinguish net position components (net investment in capital assets, restricted, unrestricted) and apply constraint order (restricted before unrestricted); common trap: treating enabling legislation restrictions as merely “committed” instead of “restricted.”
- Classify and recognize revenues correctly — property taxes, sales taxes, grants, and charges for services; red flag: for nonexchange grants, using “earned” instead of recognizing when eligibility requirements (including time requirements) are met.
- Know required supplementary information (RSI) and major fund reporting thresholds (10% criteria for major funds); common trap: omitting MD&A or required budgetary comparison schedules for the general fund and major special revenue funds.
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AICPA Financial Accounting and Reporting Aliases Test Name
Here is a list of alternative names used for this exam.
- AICPA Financial Accounting and Reporting
- AICPA Financial Accounting and Reporting test
- AICPA Financial Accounting and Reporting Certification Test
- AICPA FAR test
- AICPA
- AICPA FAR
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- AICPA Financial Accounting and Reporting (FAR)
- Financial Accounting and Reporting certification
