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

Highlights

• 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 SPFs)
• OCBOA-related AICPA Technical Practice Aids
• Cash basis and modified cash basis financial statements
• Income tax basis financial statements
• FRF for SMEsTM financial statements
• SPF accounting and presentation issues, disclosures, and reporting requirements
  

Objectives

For many businesses, preparing financial statements using a special purpose framework (the new terminology for OCBOA) 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 special purpose framework (SPF) financial statements. You will learn the unique measurement and disclosure requirements of various SPF options using example financial statements and illustrative disclosures. The course will also guide you through SPF engagements from acceptance and planning to reporting, highlighting common practice issues. You will also be introduced to the AICPA's new SPF for small and medium-sized entities - FRF for SMEs.

• Review the limited authoritative and non-authoritative literature covering special purpose frameworks
• Learn how to prepare and report on SPF financial statements using the cash, modified cash, and tax basis of accounting
• Be aware of SPF accounting and presentation issues
• Review the disclosure requirements for SPF financial statements
• Understand SPF reporting requirements