Taking FAR soon! Currently reviewing the book and wanted to see if y’all had any advice on what modules/sections to cover more then others? Been hearing Gov/NFP is a big one. Anyone care to share what the exam was like for them and what it mainly covered?

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Took it in November and passed, I’d focus on:

Differences for trading, available for sale, and held to maturity securities and their fair value/amortized cost treatments.

Finance and Operating lease qualifications and their different JEs

What parts of inventory (freight in, sales tax, etc.) and PP&E (installation, set up costs, etc) are capitalized

Bonds valuation and recording interest expenses and amortization.

Treatment of changes in accounting principal, error, etc. (retroactive, prospective etc.)

Direct vs indirect cash flows and how to calculate them

equity method and acquisition method journal entry


And a final thing that should be easy points but know the required disclosures and where they are on the financial statements.

Also, for Gov/NFP, don’t dig too much into the details but make sure you know all of it at a high level. The multiple choice questions are really simple and straight forward as long as you have a grasp of the topic. For example, know what qualifies as donor with and without restrictions. Know what statements are presented for each NFP, fund and government fund. Know which funds are modified accrual and normal accrual and the accounting differences. Know the budget journal entry and encumbrances. And then when I took the test I had maybe 2 questions about expense classifications.

Hope this helps and good luck!

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Following. Good luck!

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