Free FAR Exam Prep
AICPA CPA Exam — Financial Accounting & Reporting (FAR)
Prepare for the FAR exam without spending hundreds on expensive prep courses. Free study guides, practice questions, flashcards, and related exam resources.
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FAR CPA Exam License: Complete Roadmap
Follow this path to organize your licensing and exam preparation
Phase 1: Conceptual Framework & Financial StatementsYou are here
Master FASB Conceptual Framework, income statement, balance sheet, cash flow statement, equity, and comprehensive income.
Phase 2: Select Balance Sheet Accounts
Drill inventory, PP&E, intangibles, financial instruments (CECL), bonds, and equity transactions.
Phase 3: Select Transactions
Deep dive into ASC 606 revenue, ASC 842 leases, ASC 805 combinations, ASC 740 taxes, ASC 715 pensions, ASC 718 stock comp.
Phase 4: Government, NFP, and TBS Practice
Cover GASB 34/54 governmental accounting, ASC 958 NFP, then complete timed task-based simulations and a full-length mock.
Can You Take the FAR Exam?
Check if you meet the basic eligibility requirements
- •Apply through a selected jurisdiction Board of Accountancy
- •Receive Notice to Schedule (NTS) and schedule with Prometric
- •Pass three core sections plus one discipline section within rolling credit window (30 months effective 2024)
FAR Quick Facts
Time to Get Licensed
10-16 weeks of dedicated study for most candidates
From start to license in hand
Retake Policy
Continuous testing — failed sections can be retaken after score release by submitting a new section application/NTS.
Total Cost Breakdown
Free FAR Prep Tools
Reported exam pass rate: AICPA cumulative pass rate ~42% (lowest of the three CPA core sections in 2024-2025). Check the exam sponsor for the latest official figure.
100 Practice Questions
Coverage across all three FAR Areas: Financial Reporting, Select Balance Sheet Accounts, Select Transactions.
AI-Powered Learning
Targeted feedback on US GAAP standards, deferred taxes, leases, and revenue recognition.
2026 Updated
Aligned with current AICPA FAR Blueprint and 2024-2026 ASUs (ASU 2023-07 segments, ASU 2023-09 taxes).
Free Access
Practice all 100 FAR questions at no cost — no signup required.
What You'll Study
20 chapters covering the exam topics in this guide
Chapter 1: Conceptual Framework and Standard Setting
3 sections
Chapter 2: Financial Statement Presentation
3 sections
Chapter 3: Disclosure and Analysis
3 sections
Chapter 4: Accounting Changes and Corrections
3 sections
Chapter 5: SEC Reporting Requirements
3 sections
Chapter 6: State and Local Governmental Accounting Foundations
3 sections
Chapter 7: Governmental and Not-for-Profit Reporting
3 sections
Chapter 8: Cash and Receivables
3 sections
Chapter 9: Inventory Management
3 sections
Chapter 10: Property, Plant, and Equipment
3 sections
Chapter 11: Investments and Financial Instruments
3 sections
Chapter 12: Intangibles and Goodwill
3 sections
Chapter 13: Liabilities and Debt Financing
3 sections
Chapter 14: Stockholders' Equity and EPS
3 sections
Chapter 15: Revenue Recognition
3 sections
Chapter 16: Leases
3 sections
Chapter 17: Business Combinations and Consolidations
3 sections
Chapter 18: Income Taxes
3 sections
Chapter 19: Compensation and Benefits
3 sections
Chapter 20: Specialized Financial Topics
3 sections
FAR Exam Details
AICPA CPA Exam — Financial Accounting & Reporting (FAR)
Administered by AICPA / NASBA / Prometric
Exam Content Breakdown
Based on the official AICPA / NASBA / Prometric content outline
FASB Conceptual Framework, financial statement presentation (income, balance sheet, cash flows, equity, comprehensive income), discontinued operations, accounting changes, error corrections, subsequent events, segment reporting (ASU 2023-07), interim reporting, SEC reporting (Form 10-K/10-Q, Reg S-X), state and local government accounting (GASB 34/54), not-for-profit accounting (ASC 958).
Cash and cash equivalents, trade and other receivables, inventory (FIFO/LIFO/weighted avg, LCM/LCNRV), PP&E (depreciation, impairment, ARO), investments and financial instruments (CECL ASC 326, AFS, equity securities ASU 2016-01), intangibles and goodwill (ASC 350), payables, accrued liabilities, bonds and long-term debt, equity (par stock, treasury, dividends, EPS), commitments and contingencies (ASC 450).
Revenue recognition (ASC 606 five-step model), leases for lessees and lessors (ASC 842), business combinations (ASC 805), consolidations and noncontrolling interests (ASC 810, VIEs), income taxes (ASC 740, ASU 2023-09), pension and OPEB (ASC 715), stock-based compensation (ASC 718), derivatives and hedging (ASC 815), foreign currency (ASC 830), nonmonetary exchanges, asset retirement obligations, restructuring.
What's Included
20 Chapters
Complete exam coverage
Practice Quizzes
With detailed explanations
Free to Start
No credit card required
Quality Exam Prep Shouldn't Cost Hundreds
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What's Next After the FAR?
After passing the FAR, you can pursue these career paths
CPA AUD
AICPA CPA Auditing & Attestation core section — second hardest core section.
CPA REG
AICPA CPA Regulation core section — federal taxation and business law.
CPA BAR
AICPA CPA Discipline section — Business Analysis & Reporting (advanced FAR topics).
CFF
AICPA Certified in Financial Forensics — CPA specialty in financial forensics.
FAR Exam FAQ
Official AICPA / NASBA / Prometric Resources
Verify information with these official sources
More Free Resources
Ready to Start Your Free FAR Prep?
Review the study guide, practice key concepts, and use the free tools at your own pace.