FINANCIAL ACCOUNTING & REPORTING (FAR) 35 hours

Purpose of the Examination:

The Financial Accounting and Reporting section tests the candidate’s knowledge of accounting principles
generally accepted in the United States and standards accepted for international financial reporting
(IFRS) for business enterprises, not-for-profit organizations, and governmental entities, and the skills
needed to apply that knowledge

The Scope of content that covered in this section includes the following:

• Overview of the Financial Accounting & Reporting Examination
• Conceptual Framework, Standards, Standard Setting, and Presentation of Financial Statements
• Financial Statement Accounts: Recognition, Measurement, Valuation, Calculation, Presentation,
and Disclosures
• Specific Transactions, Events, and Disclosures: Recognition, Measurement, Valuation, Calculation, Presentation, and Disclosures
• Governmental Accounting and Reporting
• Not-for-Profit (Nongovernmental) Accounting and Reporting

 
AUDITING & ATTESTATION (AUD) [20 hours]

Purpose of the Examination:

The Auditing & Attestation exam covers knowledge of auditing and attestation standards generally
accepted in the United States of America and skills needed to apply that knowledge in auditing and
other attestation engagements.

The Scope of content that covered in this section includes the following:

• Overview of the Auditing & Attestation Examination
• Auditing & Attestation: Engagement Acceptance and Understanding the Assignment
• Auditing and Attestation: Understanding the Entity and its Environment, including internal
control
• Auditing and Attestation: Performing Audit Procedures and Evaluating Evidence
• Auditing and Attestation: Evaluating Audit Findings, Communications, and Reporting
• Accounting and Review Service Engagement
• Professional Responsibilities

REGULATION (REG) [30 hours]

Purpose of the Examination:

The Regulation section tests a candidate’s knowledge of federal taxation, ethics, professional & legal
responsibilities, and business law and skills needed to apply that knowledge.

The Scope of Content that covered in this section includes the following:

• Overview of the Regulation Examination
• Ethics, Professional, and Legal Responsibilities
• Business Law
• Federal Tax Process, Procedures, Accounting, and Planning
• Federal Taxation of Property Transactions
• Federal Taxation of Individuals
• Federal Taxation of Entities

BUSINESS ENVIRONMENT & CONCEPTS (BEC) [20 hours]

Purpose of the Examination:

The Business Environment and Concepts section tests a candidate’s knowledge of general business
environment and business concepts that candidates need to know in order to understand the underlying
business reasons for and accounting implications of transactions, and the skills needed to apply that
knowledge in performing financial statement audit and attestation engagement and other functions
normally performed by CPAs that affect the public interest
The Scope of content that covered in this section includes the following:

• Overview of the Business Environment and Concepts Examination
• Corporate Governance
• Economic Concepts and Analysis
• Financial Management
• Information Systems and Communications
• Strategic Planning
• Operations Management