US CPA | FAR- Leases | CPA syllabus | By Varun Jain @ Miles Education

A simple yet conceptual topic dealt with perfection! Watch this exclusive video about the FAR section of the CPA course and master the topic using this dynamic and interactive lecture by Varun Jain, the man who built the ecosystem for CPAs and CMAs in India.

The FAR section in the CPA exam refers to the Financial Accounting and Reporting section. It is one of the four sections of the Uniform CPA Examination administered by the American Institute of Certified Public Accountants (AICPA) in the United States. The FAR section tests candidates on their knowledge and understanding of financial accounting concepts, generally accepted accounting principles (GAAP), financial statement preparation, and related reporting requirements. It covers topics such as financial statement presentation, revenue recognition, leases, pensions, consolidations, and governmental accounting, among others. Successful completion of the FAR section is a crucial step toward obtaining the CPA designation.

In this video, Varun Jain talks about accounting for leases in the United States and the role of the Financial Accounting Standards Board (FASB) in lease accounting. The topics covered are as follows:

00:00 Operating Lease
21:50 Capital Lease
55:10 Lessee Capitalisation Rules
01:09 Types of Capital Leases
01:24 Lessor Capitalisation Rules
01:34 Elements in Accounting for Capital Leases
01:38 Finance Leases Under IFRS
01:41 Sales Leaseback
01:54 Sublease

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