Currently the Financial Accounting and Reporting (FAR) section tests knowledge and understanding of accounting principles generally accepted in the United States of America (US GAAP) for business enterprises, not-for-profit organizations, and governmental entities. Growing acceptance of IFRS in the financial reporting community, as well as recent actions of the Securities and Exchange Commission (SEC) are indicators that IFRS could become a body of accounting principles generally accepted in the United States of America.

The proposed Content Specification Outlines for FAR include within Area I topics related to the conceptual framework, standard-setting processes and regulatory filing requirements for financial statements. Included within these topics will be questions related to International Financial Reporting Standards (IFRS). If IFRS becomes generally accepted in the United States of America, it would become eligible for expanded testing within Area I of the FAR section, as well as testing in Area II (Financial Statement Accounts) and Area III (Unique Transactions, Events & Disclosures) within the FAR section.