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What To Focus On The Financial Accounting Reporting CPA

What To Focus On The Financial Accounting Reporting CPA

What To Focus On The Financial Accounting Reporting CPA : Certified Public Accountant is the title of qualified accountants in numerous countries in the English-speaking world. In the United States, the CPA is a license to provide accounting services directly to the public. It is awarded by each of the 50 states for practice in that state. Additionally, almost every state (49 out of 50) has passed mobility laws in order to allow practice in their state by CPAs from other states. Although state licensing requirements vary, the minimum standard requirements include the passing of the Uniform Certified Public Accountant Examination, 150 semester units of college education, and one year of accounting related experience.

What To Focus On The Financial Accounting Reporting CPA

What To Focus On The Financial Accounting Reporting CPA : 

Maintaining focus on your CPA Exam studies is one of the most challenging aspects of the entire Exam process. So, it’s important to find ways to stay motivated.

Below are three tips to help increase focus on your studies so that you are successful in passing the Exam:

  1. Think about all of the opportunities that will become available to you once you become a CPA. Take a few moments to close your eyes and imagine yourself as a CPA. How will passing the Exam improve your career? Where do you want to work? A new city?  A new state? What position would you like to have within your company? Do you want to change companies altogether?  Would you like to work for one of the Big 4 Accounting Firms? Will you get a raise in salary?  If so, how will the extra income change your life or your familys life? Keep your eye on the prize and always remember why you are working so hard to pass the CPA Exam.
  2. Create a game plan and stick with it! There is nothing more important than starting out with a strong study strategy or game plan for the CPA Exam. Create a weekly, daily and even hourly study plan. Map it out before you begin and do your best to stick with it.
  3. Dont let anything or anyone stand in your way of being successful! Get rid of all distractions while you are studying. Turn off the television. Put away your cell phone.  Gently remind friends and family that you’d appreciate not being disturbed during your allotted study time. Use this time to put all of your energy into focusing on your studies. Remember, this time is for you and your future!

If you remember why you are working so hard to pass the CPA Exam, have a strong study plan and don’t let anything stand in your way, you’ll be successful on the Exam.

What To Focus On The Financial Accounting Reporting CPA

FAR EXAM CONTENT

25-35% Conceptual Framework, Standard-Setting and Financial Reporting

  • Conceptual framework and standard-setting
  • General-purpose financial statements: for-profit business entities
  • General-purpose financial statements: nongovernmental, not-for-profit entities
  • Public company reporting topics
  • Financial statements of employee benefit plans
  • Special purpose frameworks

30-40% Select Financial Statement Accounts

  • Cash and cash equivalents
  • Trade receivables
  • Inventory
  • Property, plant and equipment
  • Investments
  • Intangible assets
  • Payables and accrued liabilities
  • Long-term debt
  • Equity
  • Revenue recognition
  • Compensation and benefits
  • Income taxes

20-30% Select Transactions

  • Accounting changes and error corrections
  • Business combinations
  • Contingencies and commitments
  • Derivatives and hedge accounting
  • Foreign currency transactions and translation
  • Leases
  • Nonreciprocal transfers
  • Research and development costs
  • Software costs
  • Subsequent events
  • Fair value measurements
  • Differences between IFRS and U.S. GAAP

5-15% State and Local Governments

  • State and local government concepts
  • Format and content of the Comprehensive Annual Financial Report (CAFR)
  • Deriving government-wide financial statements and reconciliation requirements
  • Typical items and specific types of transactions and events in governmental entity financial statements

What To Focus On The Financial Accounting Reporting CPA

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What To Focus On The Financial Accounting Reporting CPA

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What To Focus On The Financial Accounting Reporting CPA

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