CPA FAR study plan
CPA FAR · Give each week a clear focus.
8 weeks · About 8 hours per week
State and Local Governments
Map the state and local government fund structure and classify each fund type by measurement focus and basis of accounting
Apply modified accrual to a set of 15 government transactions and record the resulting fund-level entries
Contrast the fund-level statements with the government-wide statements produced from the same transactions
Compute property tax revenue recognition, including availability criteria and deferred inflows of resources
Your checkpoint
A completed fund-classification matrix plus a 30-question government accounting quiz scored at 70% or higher, with every missed item rewritten as a one-sentence rule.
State and Local Governments
Reconcile governmental fund balances to government-wide net position line by line
Record capital asset and long-term debt activity in both the governmental funds and the government-wide presentation
Distinguish governmental, proprietary, and fiduciary funds and justify the selection for a given fact pattern
Interpret required supplementary information for pensions and OPEB, including net pension liability components
Your checkpoint
A one-page reconciliation template completed for two full practice scenarios with no unexplained differences.
Financial Reporting
Outline the conceptual framework and apply the definitions of asset, liability, revenue, and expense to borderline items
Apply the five-step revenue recognition model to three multi-element contracts and allocate the transaction price
Prepare a classified balance sheet and multi-step income statement from an unadjusted trial balance
Determine the accounting and disclosure treatment for subsequent events and discontinued operations
Your checkpoint
A 45-question financial reporting quiz scored at 75% or higher, plus a written diagnosis of every step-five allocation error made.
Financial Reporting
Construct a statement of cash flows under both the direct and indirect methods from a single data set
Compute basic and diluted EPS including convertible bonds, options, and share contingencies
Calculate and interpret liquidity, solvency, and profitability ratios from a provided statement set
Identify reportable segments by applying the quantitative thresholds and the aggregation criteria
Your checkpoint
A timed 60-question, 75-minute mixed quiz covering domains 1 and 3, scored at 72% or higher.
Select Transactions
Apply the lease classification criteria for lessees and lessors and record initial and subsequent measurement
Account for bond issuance, premium and discount amortization, and early extinguishment of debt
Record share-based compensation for stock options and restricted stock, including forfeiture estimates
Compute deferred tax assets and liabilities from book-tax differences and evaluate the need for a valuation allowance
Your checkpoint
A 40-question select-transactions quiz scored at 75% or higher, with every journal entry re-derived from a blank page.
Select Transactions
Measure net periodic pension cost and reconcile funded status to the reported balance sheet amount
Assign assets and liabilities to the fair value hierarchy and measure impairment losses on financial and nonfinancial assets
Translate foreign currency transactions and remeasure a foreign subsidiary's balances into the reporting currency
Designate and account for a fair value hedge and a cash flow hedge, including ineffectiveness
Your checkpoint
A one-page formula sheet covering pensions, fair value, and foreign currency, with all supporting computations reworked unaided.
Select Transactions & Financial Reporting
Re-solve every question missed in weeks 1 through 6 without notes or references
Complete 30 task-based simulations emphasizing journal entries and reconciliation exhibits
Drill the 25 highest-frequency journal entries spanning all three domains until each is produced from memory
Rebuild the fund reconciliation and cash flow templates from memory on blank paper
Your checkpoint
A scored full-length four-hour practice exam with an error log classifying every miss as a concept, calculation, or reading-comprehension failure.
State and Local Governments & Financial Reporting & Select Transactions
Sit a second full-length practice exam and target a score of 75% or higher
Re-drill only the topics missed twice or more across all prior error logs
Practice authoritative literature lookup on 10 research-based simulations within a five-minute limit each
Rehearse exam-day pacing by completing 66 multiple-choice questions in 90 minutes
Your checkpoint
A second full-length exam score plus a final one-page list of no more than 10 remaining weak spots, each paired with a memorized rule.
Milestones
Week 2: Government fund classification matrix and fund-to-government-wide reconciliation completed for two scenarios, with a fund accounting quiz score of 70% or higher.
Week 4: Timed 60-question mixed quiz on domains 1 and 3 scored at 72% or higher, supported by a written error log covering every missed concept.
Week 6: Select-transactions quiz scored at 75% or higher and all domain 2 journal entries reproduced from memory without reference material.
Week 8: Second full-length practice exam scored at 75% or higher, with a final weak-spot list of 10 items or fewer and every item traced to a memorized rule.