Surgent CPA Review co-founder Liz Kolar recently shared an overview on what every candidate should know about the FAR section of the CPA Exam. Here’s what she had to say:
Governmental accounting
One of the areas in FAR that we hear students have trouble with is Governmental Accounting. Many students haven’t seen it on the college level and are most likely seeing it for the first time when they start studying for the CPA Exam. The good news is that Governmental Accounting accounts for only 5-15% of the overall content on the CPA Exam.
At Surgent, we know students have very little exposure to Governmental Accounting, which is why we teach it to you as if students are seeing it for the first time.
FAR section changes
The FAR section of the CPA Exam changed in 2017. One of the bigger changes was that International Financial Reporting Standards would be tested less heavily than they were in the past.
The Lease Accounting and Accounting for Derivatives standards are changing again in 2019 so we recommend that candidates sit for FAR in 2018.
Watch the full video here:
