CMCT
OCBOA: PREPARING AND REPORTING ON CASH, MODIFIED CASH AND TAX BASIS FINANCIAL STATEMENTS

For many businesses preparing financial statements, using an "Other Comprehensive Basis of Accounting" (OCBOA, or soon to be "Special Purpose Framework") may provide an alternative to the complexity of U.S. GAAP. This course will provide you with a comprehensive review 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, disclosure checklists, and workpaper illustrations. The course will also guide you through OCBOA engagements from acceptance and planning to reporting, highlighting common practice issues.

Major Topics:

  • SAS No. 62, Special Reports
  • SSARS No. 19, Compilation and Review Engagement (provisions related to OCBOA)
  • AICPA Technical Practice Aids Sections 1500 and 9210.10
  • Cash basis and modified cash basis financial statements
  • Income tax basis financial statements
  • OCBOA accounting and presentation issues
  • OCBOA disclosures
  • OCBOA reporting requirements
  • U.S. GAAP basis to OCBOA and OCBOA to U.S GAAP
  • Common OCBOA peer review deficiencies

Learning Objectives:

  • Review the limited authoritative and non-authoritative literature covering other comprehensive bases of accounting
  • 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
  • Understand OCBOA reporting requirements
  • Recognize common OCBOA peer review deficiencies

Designed For: Practitioners and staff involved with the preparation of cash and tax basis financial statements
Level of Knowledge: Basic
Prerequisite: None
Advanced Preparation: None
CFP: No
Yellow Book: No
New: Yes
Field of Study: Accounting