Video: CPA Exam Changes – FAR (2013)



Jeff Elliott here from and we are going to cover the 2013 FAR – Financial Accounting and Reporting exam and any changes to the AICPA content specification outline.

We begin with the conceptual framework, standards, standard setting bodies, and presentation of the financial statements, which cover 17 to 23 percent of your exam. This includes the SEC, FASB, the IASB, and GASB, also reporting concepts for businesses, government entities, and not-for-profits. Also financial reporting presentation, SEC requirements such as the 10-Q and 10-K, and OCBOA. This section does not change in 2013.

Second we have financial statement accounts. Recognition, measurement, valuation, calculation, presentation and disclosures. This covers 27 to 33 percent of your exam. This includes cash, receivables, inventory, property plant and equipment, investments, intangible assets, payables, deferred revenue, debt, equity, revenue recognition, expenses, compensation and benefits, and income taxes. This section also does not change in 2013.

Third we have specific transactions, events and disclosures. This covers recognition, measurement, valuation, calculation, presentation, and disclosures. This also covers 27 to 33 percent of your exam and it encompasses accounting changes and errors, asset retirements, business combinations, consolidations, contingencies, earnings per share, discontinued operations, extraordinary items, fair value measures, derivatives, foreign currency, impairments, interim reporting, leases, research and development, segment reporting, software, and subsequent events. This section also does not change in 2013.

Fourth we have governmental accounting and reporting, which covers eight to 12 percent of your exam. This covers governmental accounting concepts, the comprehensive annual financial report, both format and content, reporting entities with blended and discreet units, recognition, measurement, presentation in governmental entity financial statements and governmental not-for-profit organizations. This section also does not change in 2013.

Fifth we have not-for-profits, nongovernmental, accounting and reporting which is also eight to 12 percent of your exam. This covers financial statements, recognition, measurement, valuation, and presentation in financial statements. This section also does not change in 2013.

Now you've noticed that in all these sections the content specification outline has not changed from the last version which was issued in 2011. For your 2013 Financial Account and Reporting updates be sure to visit


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