SUBJECT DETAILS FOR CPA EXAM

FINANCIAL ACCOUNTING & REPORTING FARE

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Accounting standards and conceptual frameworks. Income statement. Income from continuing operations.
Discontinued operations and exit or disposal activities. Extraordinary items. Accounting changes and error
corrections. Comprehensive income Balance sheet and disclosures overview. Interim financial reporting.
Segment reporting. Development-stage enterprises (U.S. GAAP). Fair value measurements and disclosures.
First-time adoption of IFRS SEC reporting requirements.
Timing issues: Matching of revenue and expenses, correcting and adjusting accounts. Long-term construction
contracts. Accounting for instalment sales. Accounting for nonmonetary exchanges. Partnerships . Financial
reporting and changing prices. Foreign currency accounting. Other financial statement presentations.
Marketable securities. Business combinations/consolidations. Cost method (external reporting). Equity method
and joint ventures (external reporting). Consolidated financial statements. Acquisition method (external
reporting). Intercompany transactions. Combined financial statements/push down accounting. Variable interest
entities (VIES).
Working capital and its components. Inventories. Fixed assets. Depreciable assets and depreciation. Fixed
asset impairment. Appendix: IFRS vs. U.S. GAAP.
Present values and annuities. Accounting for leases. Asset retirement and environment obligations. Long-term
liabilities and bonds payable. Troubled debt restructurings. Other Liabilities and debt covenants.
Pension plans. Postretirement benefits other than pensions. Other deferred compensation and benefits.
Estimated and accrued liabilities. Contingencies. Subsequent events. Accounting for income taxes. Appendix:
IFRS vs. U.S. GAAP. Class questions
Financial instruments. Stockholders' equity. Earnings per share. Statement of cash flows. Ratio analysis.
Governmental accounting overview. Modified accrual accounting. Governmental funds. Proprietary funds.
Fiduciary funds.
Governmental accounting (Part B). Not-for-profit organizations.

AUDITING & ATTESTATION AUD & ATT

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Audited financial statements: The basics. Professional standards. Reports on audited financial statements.
Reports on comparative financial statements. Events occurring after year-end. Reporting on other information.
Professional responsibilities. Appendix: Licensing and disciplinary systems within the profession
Quality control standards. Other engagements, reports and accounting services. Compilation and review of
financial statements (pre-June 2011). Compilation and review of financial statements (post-June 2011).
Reporting on comparative financial statements. Review of interim financial information. Letters for
underwriters.
Engagement acceptance and understanding the assignment. Planning and supervision. Audit risk. Fraud risk.
Understanding the entity and its environment. Internal control. Responding to the assessed risk of material
misstatement.
Audit documentation. Audit evidence. Audit procedures by transaction cycles. Other audit procedures. The
effect of information technology on the audit. Evaluating audit findings. Financial ratios.
Audit sampling. Internal control communications. Communication with those charged with governance.
Management representations. Government auditing.

REGULATION REG
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Individual taxation: Filing status. Individual taxation: Exemption. Individual taxation: Gross income. Individual
taxation: Capital gains and losses.
Adjustments and itemized deductions. Tax calculations and credits. Individual taxation: Other taxes and Items
C corporation, depreciation, and MACRS. Small business corporations (S corporations). Exempt organizations
Partnership taxation. Estate, trust and gift taxation. Ethics and professional responsibilities in tax services.
Federal tax procedures and legislative process. Sole proprietorship and joint venture. General partnership.
Limited liability partnership. Limited partnership. Limited liability company. Corporation.
Contracts. Sales. Employer-employee law.
Commercial paper. Documents of title. Secured transactions. Suretyship & creditor's rights. Money laundering.
Agency. Bankruptcy. Securities regulation. CPA legal liability. Antitrust law. Copyrights and patents.

BUSINESS ENVIRONMENT & CONCEPTS BUS. ENV.

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Corporate governance. Control environment. Operations management: Performance management and impact
of measures on behaviour. Operations management: Cost measurement methods and techniques. Operations
management: Process management. Operations management: Project management. Terminology
Changes in economic and business cycles. Economic measures/indicators. Globalization and local economies.
Market influences on business strategies. Financial risk management
Financial modelling projections and analysis. Financial decisions. Capital management, including working
capital. Financial valuation. Financial transactions processes and controls
Organizational needs assessment. Systems design and other elements. Security. Internet implications for
business. Types of information systems and technology risks. Disaster recovery and business continuity
Market and risk analysis. Strategy development, implantation and monitoring. Planning techniques: Forecasting
and projection. Planning techniques: Budget and analysis. Planning techniques: Coordinating information from
various sources for integrated planning