Understanding the advantages and disadvantages of alternatives to Generally Accepted Accounting Principles (GAAP) financial statement presentations is vital to making proper client choices. For example, practitioners may seek to use the Other Comprehensive Basis of Accounting (OCBOA) financial statement presentations, as GAAP will increase complexity and the cost of compliance. Here, we'll explore compliance with the preparation, presentation, disclosure and reporting nuances of cash- and tax-basis financial statements. We'll also discuss the AICPA's Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs). This course meets the specific OCBOA requirements that CPAs must meet for the re-issuance of their license.
Learning Objectives
• Recognize professional standards applicable for OCBOA presentations
• Determine differences in disclosure and financial statement presentations for OCBOA and GAAP
• Identify compilation, review and audit reporting requirements
• Recognize AICPA Financial Reporting Framework for Small- and Medium-Sized Entities
Major Topics
• Income tax-basis financial statement presentations
• Cash and modified-cash financial statement presentations
• Innovative and EBITDA type reports
• OCBOA engagements
• AICPA Financial Reporting Framework for Small- and Medium-Sized Entities
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