OCBOA: Preparing and Reporting On Cash, Modified Cash and Tax Basis Financial Statements (CMCT)

8.00 CPE Credit Hours

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 a rcomprehensive 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 and illustrative disclosures. The course will also guide you through OCBOA engagements from acceptance and planning to reporting, highlighting common practice issues. You will also be kept up-to-date on the AICPA's planned development of OCBOA for small- and medium-sized entities.

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

Objective
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 Understand OCBOA reporting requirements

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 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

Prerequisites
None

Advanced Preparation
None

Developer
Surgent CPE, LLC

Presenters
Thomas Sheets,

Level of Knowledge
Beginning