Called statements of financial accounting concepts or sfac that serves as a basis for all fasb pronouncements six sfac provide a basis for financial accounting concepts for business enterprises sfac no 4 relates to non business enterprises a sfac no 1 objectives of financial reporting by business enterprises. This course is designed specifically for those preparing to take the financial accounting and reporting far section of the certified public accountant cpa exam the eight session program will focus on generally accepted accounting principles for business enterprises not for profit organizations and governmental entities as well as the skill. The financial accounting and reporting section of the 2015 cpa exam can also be one of the toughest as it is the most comprehensive and wide ranging section of the entire exam far covers material from every financial and cost managerial accounting course you went through in college as well as governmental and non profit accounting material. The financial accounting and reporting far section of the cpa exam is the most comprehensive and often regarded as the most difficult section it covers a wide range of topics from how to calculate depreciation to which financial statements are required for governmental organizations candidates should be able to demonstrate they can recall