CPA FAR Fundamentals: GAAP, Consolidation & Governmental Accounting

Most FAR candidates know what topics are on the exam. What trips them up is understanding how the pieces connect. GAAP is not a list of rules to memorize. It is a logical structure, and once you see how the conceptual framework drives the individual standards, the whole section becomes easier to navigate. This course starts there, then builds outward. From the conceptual framework, you move into consolidation. This is where many candidates lose points not because the concepts are obscure, but because the mechanics get tangled. Goodwill calculation, intercompany eliminations, unrealized profit in inventory, upstream versus downstream transactions: each one follows a clear logic. The course walks through each step with the kind of specificity you need to actually do the entries, not just recognize them. The final unit covers the accounting that feels most foreign to most candidates: governmental and nonprofit reporting. GASB's fund accounting operates on different rules than for-profit GAAP, and the gap between fund-level statements and government-wide statements is a consistent exam topic. The nonprofit section covers ASC 958's net asset classes, the four required statements, and contribution recognition. By the end, you will be able to distinguish what gets recorded under which model, why it works that way, and how it shows up on the exam.