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United States · Licensing exam

FAR CPA exam: Financial Accounting and Reporting

FAR is the Core section on financial accounting and reporting. The FAR CPA exam gives you four hours for 50 multiple-choice questions and 7 task-based simulations, on the frameworks used by public and private companies and not-for-profits. Most of it is applying and analyzing rules, not recalling them: remembering and understanding is only 5% to 15%.

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Updated October 2026 · Written from official sources, listed at the bottom of this page

What's on the FAR section

Areas I and II carry the same weight, 30% to 40% each, with select transactions just behind.

AreaWeight
I. Financial reporting30-40%
II. Select balance sheet accounts30-40%
III. Select transactions25-35%

Skill levels tested

SkillWeight
Remembering and understanding5-15%
Application45-55%
Analysis35-45%

What is the FAR CPA exam format?

Two multiple-choice testlets of 25 questions each, then three simulation testlets of 2, 3 and 2 simulations. Multiple choice and simulations count for half each.

FAR has the fewest multiple-choice questions of the Core sections. It's a Core section, so you can book it any time of year.

FAR CPA exam structure: what each area holds

Financial reporting covers preparing, reviewing and analyzing statements for businesses and not-for-profits, public company disclosures such as earnings per share, special purpose frameworks and basic state and local government concepts.

Select balance sheet accounts covers cash, receivables, inventory, property and equipment, investments, intangibles, payables, long-term debt and equity. Select transactions covers accounting changes and errors, contingencies, revenue recognition, income taxes, fair value, leases and subsequent events.

What changes in FAR for 2027

Only a reference: the 2027 Blueprint adds National Council on Governmental Accounting statements to the FAR references, to match BAR. The AICPA says the scope doesn't significantly change.

CPA Exam pass rates by section →CPA sample test questions →
Sources: AICPA · AICPA & CIMA and 2 more. Checked October 2026.

Rules and fees can change, so check the official site before your test.

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