Studying for the CPA Exam as a whole can seem quite challenging, but some candidates find certain sections more difficult than others. According to our recent CPA Industry Survey, 46% of people surveyed believe FAR to be the most difficult section of the CPA Exam.
Why Does FAR Seem so Difficult?
FAR requires that CPA candidates have a strong knowledge of US GAAP, including concepts and standards for financial statements, typical items in financial statements, specific types of transactions and events, accounting and reporting for governmental entities, and accounting and reporting for nongovernmental and not-for-profit organizations. CPA candidates must also be able to demonstrate the skills needed to apply their financial reporting knowledge required of CPAs.