CPA Exam: Financial Accounting and Reporting (FAR)

Sources

Everything this course cites. Every source is on an official site: aicpa-cima.com, nasba.org, fasb.org, gasb.org, sec.gov, ecfr.gov.

AICPA Statements on Auditing Standards, currently effective (includes AU-C Section 800, Special Considerations—Audits of Financial Statements Prepared in Accordance With Special Purpose Frameworks)AICPA & CIMA · accessed 2026-11-09 · AU-C 800 defines the special purpose frameworks (cash, tax, regulatory, contractual and other bases) and expects such statements to be suitably titled, to include a summary of significant accounting policies and to describe how the framework differs from GAAP. Copyrighted: this course paraphrases it and never reproduces it.
Find answers to frequently asked questions about the CPA ExamAICPA & CIMA · accessed 2026-11-09 · Five testlets per section (two MCQ testlets, then three TBS testlets); no return to a submitted testlet; the standardized break after testlet 3; pretest questions; item response theory scoring; the exam spreadsheet and four-function calculator.
Find out when you'll get your CPA Exam scoreAICPA & CIMA · accessed 2026-11-09 · Core sections can be scheduled at any time and scores are released on a rolling basis against target dates; Discipline sections are given in the first month of each quarter; the July 2027 move to a new delivery platform and its adjusted schedule.
Learn more about CPA Exam scoring and pass ratesAICPA & CIMA · accessed 2026-11-09 · Scores on a 0–99 scale; 75 to pass; not a percentage correct; Core sections weighted 50% MCQs and 50% TBSs; Candidate Performance Report for a failed section.
Learn what to study for the CPA Exam: Uniform CPA Examination Blueprints (effective January 1, 2026, and January 1, 2027), Summary of Changes effective January 1, 2027, and the CPA Exam Policy on New PronouncementsAICPA & CIMA · accessed 2026-11-09 · The official FAR blueprint: content areas and weights (Area I Financial Reporting 30–40%, Area II Select Balance Sheet Accounts 30–40%, Area III Select Transactions 25–35%), skill allocation, section introduction, references, the exam design table (FAR: 4 hours, 50 MCQs, 7 TBSs; testlets of 25, 25, 2, 3 and 2), and the policy on when new pronouncements become eligible for testing. Read it there; this course paraphrases it.
Practice for the CPA Exam with Sample TestsAICPA & CIMA · accessed 2026-11-09 · Free sample tests for all six sections, to learn the exam software; up to two hours; not scored; answers can be viewed; content current as of July 1, 2023.
Practice with accessible CPA Exam Sample TestsAICPA & CIMA · accessed 2026-11-09
Retired task-based simulation from the FAR Section of the Uniform CPA ExaminationAICPA & CIMA · accessed 2026-11-09 · A free, retired FAR task-based simulation (detecting and correcting misstatements in account balances), with AICPA guidance on the steps. Linked, never reproduced.
Seven things to know about the new CPA ExamAICPA & CIMA · accessed 2026-11-09 · The Core + Discipline model; one Discipline leads to the same CPA license; topics placed in BAR.
The new CPA Exam, two years inAICPA & CIMA · accessed 2026-11-09 · AICPA article (July 2026): FAR's five testlets, the equal MCQ/TBS weighting, unscored pretest questions that look like scored ones, and the advice to practise TBSs and use the free sample test.
17 CFR 240.12b-2, Definitions (accelerated filer, large accelerated filer, smaller reporting company)Electronic Code of Federal Regulations (Office of the Federal Register) · accessed 2026-11-09 · Accelerated filer: public float of $75 million or more but less than $700 million; large accelerated filer: $700 million or more; both measured on the last business day of the second fiscal quarter, after 12 months of reporting and one annual report, and not eligible for the SRC revenue test. Smaller reporting company: public float under $250 million, or revenue under $100 million with no float or float under $700 million.
17 CFR Part 210, Regulation S-X (form and content of financial statements)Electronic Code of Federal Regulations (Office of the Federal Register) · accessed 2026-11-09 · Rule 3-01 (balance sheets for the two most recent fiscal year-ends), Rule 3-02 (statements of comprehensive income and cash flows for three years), Rule 3-04 (changes in stockholders' equity), Article 8 (smaller reporting companies: two years), Article 10 (interim statements).
17 CFR Part 229, Regulation S-K (non-financial-statement disclosure)Electronic Code of Federal Regulations (Office of the Federal Register) · accessed 2026-11-09
26 CFR 1.103-1, Interest upon obligations of a State, territory, etc.Electronic Code of Federal Regulations (Office of the Federal Register) · accessed 2026-11-09 · Interest on obligations of state or local governmental units is not includable in gross income, except as provided in section 103(c) and (d).
26 CFR 1.162-21, Denial of deduction for certain fines, penalties, and other amountsElectronic Code of Federal Regulations (Office of the Federal Register) · accessed 2026-11-09 · No deduction is generally allowed for amounts paid to or at the direction of a government in relation to the violation of any law, subject to exceptions in the regulation.
Accounting Standards Update No. 2009-01, Topic 105—Generally Accepted Accounting Principles (FASB Statement No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · Establishes the Codification as the source of authoritative GAAP for nongovernmental entities (ASC 105-10-05-1); SEC rules and interpretive releases are also authoritative for SEC registrants.
Accounting Standards Update No. 2010-09, Subsequent Events (Topic 855): Amendments to Certain Recognition and Disclosure RequirementsFinancial Accounting Standards Board (FASB) · accessed 2026-11-09 · SEC filers (and certain conduit bond obligors) evaluate subsequent events through the date the statements are issued and need not disclose that date; other entities evaluate through the date the statements are available to be issued and disclose it.
Accounting Standards Update No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSsFinancial Accounting Standards Board (FASB) · accessed 2026-11-09 · Highest and best use applies to nonfinancial assets (in combination with other assets or standalone); the market in which the entity normally transacts is presumed to be the principal market absent evidence to the contrary; blockage factors are not applied to Level 1 measurements.
Accounting Standards Update No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an EntityFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), Section AFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going ConcernFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary ItemsFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance CostsFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of InventoryFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred TaxesFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial LiabilitiesFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2016-02, Leases (Topic 842), Section AFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2016-07, Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of AccountingFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial InstrumentsFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit EntitiesFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash PaymentsFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted CashFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions MadeFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2018-11, Leases (Topic 842): Targeted ImprovementsFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service ContractFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income TaxesFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own EquityFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial AssetsFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2021-09, Leases (Topic 842): Discount Rate for Lessees That Are Not Public Business EntitiesFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage DisclosuresFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale RestrictionsFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax DisclosuresFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement ExpensesFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract AssetsFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use SoftwareFinancial Accounting Standards Board (FASB) · accessed 2026-11-09
Accounting Standards Update No. 2026-01, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred StockFinancial Accounting Standards Board (FASB) · accessed 2026-11-09 · Issued April 2026; effective for annual periods beginning after December 15, 2026. Not yet eligible for testing under the AICPA's policy.
Borrower's Accounting for Debt Modifications (FASB staff educational paper, Private Company Council meeting, December 3, 2020)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · A FASB staff summary of Subtopics 470-50 and 470-60: modification versus extinguishment (the 10 percent cash flow test) and troubled debt restructurings by debtors.
Conceptual Framework for Financial Reporting (FASB Concepts Statement No. 8, Chapters 1–8, September 2024 compilation)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · Chapters: 1 Objective, 2 Reporting Entity, 3 Qualitative Characteristics, 4 Elements, 5 Recognition and Derecognition, 6 Measurement, 7 Presentation, 8 Notes. Concepts Statements are not part of the Codification and are nonauthoritative (ASC 105-10-05-3).
Equity Method of Accounting (FASB staff memo for the Private Company Council meeting, June 2, 2026)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · Describes the FASB's active project on the equity method and its 2026 tentative decisions, including changes to the significant-influence guidance; not yet an issued standard.
FASB Accounting Standards CodificationFinancial Accounting Standards Board (FASB) · accessed 2026-11-09 · The single source of authoritative U.S. GAAP for nongovernmental entities, organized by Topic (e.g., 606 revenue, 842 leases). This course explains it in its own words and cites Topic numbers; it never quotes it.
FASB Codification Expected to Become Single Source of Authoritative U.S. GAAP on July 1, 2009 (overview of the Codification's structure)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · How the Codification is organized: Topics in areas (presentation, financial statement accounts, broad transactions, industries), Subtopics, Sections and Paragraphs, numbered XXX-YY-ZZ-PP; SEC content in sections marked S.
FASB In Focus: Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (revised June 2020)Financial Accounting Standards Board (FASB) · accessed 2026-11-09
FASB In Focus: Accounting Standards Update No. 2016-02, Leases (Topic 842) (revised June 2020)Financial Accounting Standards Board (FASB) · accessed 2026-11-09
FASB In Focus: Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (June 2016)Financial Accounting Standards Board (FASB) · accessed 2026-11-09
FASB In Focus: Not-for-Profit Entities (Topic 958), contributions received and made (June 2018)Financial Accounting Standards Board (FASB) · accessed 2026-11-09
FASB Interpretation No. 14, Reasonable Estimation of the Amount of a Loss (original pronouncement; now ASC 450-20)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · When a probable loss is estimated within a range, accrue the best estimate in the range, or the minimum amount if no amount is a better estimate, and disclose the exposure to additional loss.
FASB Interpretation No. 35, Criteria for Applying the Equity Method of Accounting for Investments in Common Stock (original pronouncement; now ASC 323-10)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · Ownership of 20 percent or more of an investee's voting stock leads to a presumption of significant influence (and less than 20 percent to the opposite presumption), which evidence can overcome; all facts and circumstances must be evaluated.
FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (original pronouncement; now ASC 740-10)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · Two steps: recognize a tax position only if it is more likely than not to be sustained on examination based on its technical merits, assuming a taxing authority with full knowledge; measure it at the largest amount of benefit greater than 50 percent likely of being realized on settlement.
FASB Statement No. 109, Accounting for Income Taxes (original pronouncement, as amended; now ASC 740)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · Asset-and-liability approach: deferred taxes on temporary differences at enacted rates; valuation allowance when it is more likely than not (more than 50 percent) that some or all of a deferred tax asset will not be realized; four sources of taxable income; effects of enacted rate changes in income from continuing operations in the period of enactment.
FASB Statement No. 115, Accounting for Certain Investments in Debt and Equity Securities (original pronouncement, as amended; now ASC 320)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · The trading, available-for-sale and held-to-maturity categories (equity securities have since moved to ASC 321 under ASU 2016-01); held to maturity requires positive intent and ability; transfers between categories at fair value.
FASB Statement No. 116, Accounting for Contributions Received and Contributions Made (original pronouncement, as amended; now ASC 958-605 and 720-25)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · Recognition of unconditional promises to give at fair value (present value), accrual of the interest element as contribution income, implied time restrictions on future-period pledges, the two criteria for recognizing contributed services, and the collections exception.
FASB Statement No. 128, Earnings per Share (original pronouncement, as amended; now ASC 260)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · Scope (public entities), basic and diluted EPS, preferred dividends on cumulative stock deducted whether or not earned, treasury stock and if-converted methods, sequencing from most to least dilutive, and income from continuing operations as the control number.
FASB Statement No. 136, Transfers of Assets to a Not-for-Profit Organization or Charitable Trust That Raises or Holds Contributions for Others (original pronouncement; now ASC 958-605)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · A recipient that agrees to transfer assets to a specified unaffiliated beneficiary records a liability, not a contribution, unless it has explicit variance power or the organizations are financially interrelated.
FASB Statement No. 141 (revised 2007), Business Combinations (original pronouncement; now ASC 805)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · The acquisition method: identifiable assets and liabilities at acquisition-date fair value, NCI at fair value, goodwill or bargain purchase gain, acquisition-related costs expensed.
FASB Statement No. 142, Goodwill and Other Intangible Assets (original pronouncement, as amended; now ASC 350)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · Costs of internally developing intangibles that are not specifically identifiable or inherent in a continuing business are expensed; useful life is indefinite when no factor limits it (indefinite does not mean infinite); amortization follows the pattern of benefit or straight-line; residual value is assumed zero unless a third-party commitment or an active market supports it.
FASB Statement No. 143, Accounting for Asset Retirement Obligations (original pronouncement; now ASC 410-20)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · Recognize the fair value of an asset retirement obligation when incurred if reasonably estimable, discounted at a credit-adjusted risk-free rate; capitalize the same amount into the asset; recognize accretion expense and depreciation over the asset's life.
FASB Statement No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets (original pronouncement, as amended; now ASC 360-10)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · Recoverability test with undiscounted cash flows; impairment loss measured against fair value; the adjusted carrying amount is the new cost basis; held-for-sale assets at the lower of carrying amount or fair value less cost to sell, not depreciated, with later gains limited to cumulative losses recognized.
FASB Statement No. 146, Accounting for Costs Associated with Exit or Disposal Activities (original pronouncement; now ASC 420)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · Exit or disposal costs are recognized at fair value when incurred; one-time termination benefits at the communication date, or ratably over the future service period if employees must work beyond the minimum retention period (not exceeding the legal notification period, or 60 days if none).
FASB Statement No. 154, Accounting Changes and Error Corrections (original pronouncement; now ASC 250)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · Retrospective application of changes in accounting principle (cumulative effect to opening retained earnings of the earliest period presented), impracticability, preferability, changes in estimate (prospective), changes in estimate effected by a change in principle such as depreciation method, indirect effects, and restatement for error corrections.
FASB Statement No. 157, Fair Value Measurements (original pronouncement; now ASC 820)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · Fair value as an exit price; principal or most advantageous market; prices not adjusted for transaction costs but adjusted for transport costs; highest and best use; Level 1, 2 and 3 inputs; classification by the lowest-level significant input.
FASB Statement No. 160, Noncontrolling Interests in Consolidated Financial Statements (original pronouncement; now ASC 810-10)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · NCI reported in equity; consolidated net income includes the NCI share; complete elimination of intra-entity profit, which may be allocated between parent and NCI; changes in ownership without loss of control are equity transactions.
FASB Statement No. 165, Subsequent Events (original pronouncement; now ASC 855)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · Recognized subsequent events (evidence about conditions existing at the balance sheet date) versus nonrecognized subsequent events (conditions arising after that date), and disclosure of nonrecognized events.
FASB Statement No. 166, Accounting for Transfers of Financial Assets (amending Statement No. 140; now ASC 860)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · A transfer of financial assets is a sale only if the assets are isolated from the transferor, each transferee can pledge or exchange them, and the transferor does not keep effective control; otherwise it is a secured borrowing.
FASB Statement No. 34, Capitalization of Interest Cost (original pronouncement, as amended; now ASC 835-20)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · Interest capitalized = capitalization rate × average accumulated expenditures; a specific new borrowing's rate may be used up to its amount, with a weighted-average rate of other borrowings for the excess; capitalized interest cannot exceed interest incurred.
FASB Statement No. 43, Accounting for Compensated Absences (original pronouncement; now ASC 710-10)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · Accrue a liability for future compensated absences when the obligation is attributable to services already rendered, the rights vest or accumulate, payment is probable and the amount is reasonably estimable; accrual is not required for nonvesting accumulating sick pay.
FASB Statement No. 47, Disclosure of Long-Term Obligations (original pronouncement; now ASC 440-10)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · Disclosure of unconditional purchase obligations and of future payments on long-term borrowings.
FASB Statement No. 5, Accounting for Contingencies (original pronouncement, as amended; now ASC 450)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · Probable, reasonably possible and remote; accrue an estimated loss when it is probable that a liability has been incurred and the amount can be reasonably estimated; disclose reasonably possible losses; gain contingencies are not recognized.
FASB Statement No. 6, Classification of Short-Term Obligations Expected to Be Refinanced (original pronouncement; now ASC 470-10)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · A short-term obligation is excluded from current liabilities only if the entity intends to refinance it on a long-term basis and demonstrates the ability to do so (post-balance-sheet issuance of long-term debt or equity, or a qualifying financing agreement).
FASB Statement No. 78, Classification of Obligations That Are Callable by the Creditor (original pronouncement; now ASC 470-10)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · Long-term debt callable because of a covenant violation at the balance sheet date is current unless the creditor has waived or lost the right to demand repayment for more than one year (or the operating cycle) or a cure within a grace period is probable.
FASB Statement No. 95, Statement of Cash Flows (original pronouncement, as amended; now ASC 230)Financial Accounting Standards Board (FASB) · accessed 2026-11-09 · The original source of ASC 230, kept on the FASB's site with its status page: definition of cash equivalents (generally original maturities of three months or less to the holder), classes of cash flows, direct and indirect methods.
Statement No. 103, Financial Reporting Model Improvements (April 2024)Governmental Accounting Standards Board (GASB) · accessed 2026-11-09 · Effective for fiscal years beginning after June 15, 2025. Changes MD&A, unusual or infrequent items, proprietary fund presentation, major component units and budgetary comparison information; proposed changes to governmental fund recognition were removed from the final Statement.
Statement No. 34, Basic Financial Statements—and Management's Discussion and Analysis—for State and Local GovernmentsGovernmental Accounting Standards Board (GASB) · accessed 2026-11-09
Statement No. 54, Fund Balance Reporting and Governmental Fund Type DefinitionsGovernmental Accounting Standards Board (GASB) · accessed 2026-11-09
Summary of Statement No. 34, Basic Financial Statements—and Management's Discussion and Analysis—for State and Local GovernmentsGovernmental Accounting Standards Board (GASB) · accessed 2026-11-09
Summary of Statement No. 84, Fiduciary ActivitiesGovernmental Accounting Standards Board (GASB) · accessed 2026-11-09
CPA Exam Candidate Guide (version 11022026)NASBA · accessed 2026-11-09 · Three four-hour Core sections and one four-hour Discipline section of the candidate's choice, in any order; 75 to pass each; breaks (a standardized 15-minute break after the first TBS testlet that does not count against testing time; optional breaks between testlets that do); appointment time includes 30 extra minutes for login, survey and the standardized break; spreadsheet tool; retake rules; Candidate Performance Report.
CPA Exam FAQNASBA · accessed 2026-11-09 · Sections are four hours each; the standardized break; optional breaks count against testing time; Core sections scheduled year-round, Discipline sections only in the first month of each quarter; credit periods and fees are set by each jurisdiction; no exams from July 1 to July 11, 2027 during the platform change.
Score InformationNASBA · accessed 2026-11-09 · 75 or higher to pass; 75 does not mean 75% correct; 50% MCQ / 50% TBS weighting for FAR; scores not curved; score release; Candidate Performance Report; score review and appeal.
The Uniform CPA Examination: choose your jurisdictionNASBA · accessed 2026-11-09 · Where to start an application; each jurisdiction's requirements, fees and credit rules are on its own page.
Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies (proposed rule, File No. S7-2026-18, May 19, 2026)U.S. Securities and Exchange Commission · accessed 2026-11-09 · Proposed, not adopted as of the access date: two filer categories (large accelerated and non-accelerated).
Form 10-K: General Instructions and itemsU.S. Securities and Exchange Commission · accessed 2026-11-09 · General Instruction A(2): due 60 days after fiscal year-end for large accelerated filers, 75 days for accelerated filers, 90 days for all other registrants. Part II Item 7 (MD&A), Item 7A (market risk), Item 8 (financial statements and supplementary data).
Form 10-Q: General Instructions and itemsU.S. Securities and Exchange Commission · accessed 2026-11-09 · General Instruction A.1: due 40 days after quarter-end for large accelerated and accelerated filers, 45 days for all others; no report for the fourth quarter. Part I Items 1 (financial statements), 2 (MD&A), 3 (market risk), 4 (controls and procedures).
Form 8-K: General Instructions and itemsU.S. Securities and Exchange Commission · accessed 2026-11-09 · General Instruction B.1: unless otherwise specified, a report is filed or furnished within four business days after the event.
Non-GAAP Financial Measures: Compliance and Disclosure Interpretations (updated December 13, 2022)U.S. Securities and Exchange Commission · accessed 2026-11-09 · Questions 103.01–103.02: EBIT and EBITDA are earnings before interest and taxes (and depreciation and amortization), where earnings means GAAP net income; as performance measures they are reconciled to net income, not operating income.
Policy Statement: Reaffirming the Status of the FASB as a Designated Private-Sector Standard Setter (Release No. 33-8221, April 25, 2003)U.S. Securities and Exchange Commission · accessed 2026-11-09 · The SEC recognizes the FASB's standards as generally accepted for purposes of the federal securities laws, under section 108 of the Sarbanes-Oxley Act.
Semiannual Reporting (proposed rule, File No. S7-2026-15, May 5, 2026)U.S. Securities and Exchange Commission · accessed 2026-11-09 · Proposed, not adopted as of the access date: an optional Form 10-S semiannual report in place of quarterly Forms 10-Q.
Staff Accounting Bulletins, Codification of Staff Accounting Bulletins, Topic 1: Financial StatementsU.S. Securities and Exchange Commission · accessed 2026-11-09 · Includes the staff's observation that U.S. practice transfers the fair value of stock distributions of less than 25 percent of outstanding stock from retained earnings to capital accounts.
Staff Accounting Bulletins, Codification of Staff Accounting Bulletins, Topic 5: Miscellaneous Accounting (including Topic 5.BB, Inventory Valuation Allowances)U.S. Securities and Exchange Commission · accessed 2026-11-09 · SAB Topic 5.BB: the staff's view that a write-down of inventory at the close of a fiscal period creates a new cost basis that cannot later be marked up for changes in facts and circumstances (consistent with ASC 330-10-35-14).