OCBOA: Preparing and Reporting on Cash, Modified Cash, and Tax Basis Financial Statements

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Overview

8 Credits
IN-PERSON

For many businesses, preparing financial statements using an Other Comprehensive Basis of Accounting (OCBOA, or the new audit terminology "Special Purpose Framework") may provide an alternative to the complexity of U.S. GAAP. This course will provide you with an overview and hands-on application for preparing and reporting on OCBOA financial statements. You will learn the unique measurement and disclosure requirements of various OCBOA options using example financial statements and illustrative disclosures. The course will also guide you through OCBOA engagements, highlighting common practice issues. You will also be introduced to the AICPA’s new OCBOA for small and medium-sized entities - FRF for SMEs.

Objectives

Participants will be able to review the limited authoritative and non-authoritative literature covering other comprehensive bases of accounting (special purpose frameworks); learn how to prepare and report on OCBOA financial statements using the cash, modified cash, and tax basis of accounting; be aware of OCBOA accounting and presentation issues; Review the disclosure requirements for OCBOA financial statements and understand OCBOA reporting requirements

Major Topics

  • AU-C Section 800: Special Considerations – Audits of Financial Statements Prepared in Accordance With Special Purpose Frameworks
  • SSARS No. 19, Compilation and Review Engagements (provisions related to OCBOA)
  • OCBOA-related AICPA Technical Practice Aids
  • Cash basis and modified cash basis financial statements
  • Income tax basis financial statements
  • OCBOA accounting and presentation issues
  • OCBOA disclosures
  • OCBOA reporting requirements

Designed For

Practitioners and staff involved with the preparation of cash and tax basis financial statements

Prerequisite

None

Sessions

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Thursday, December 11, 2014

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FICPA Seminar EZMaterials! Instead of picking up paper manuals at the event, you’ll be able to download the EZMaterials as searchable PDFs to your laptop, tablet or other device seven days before the event. For an additional fee you may choose to purchase a hardcopy of the seminar manuals. If requested during registration at least eight days prior to the course, your hardcopy will be available for pickup at the event. Click here for more information.