Learn and better understand how to prepare and report on financial statements, presented in accordance with a “special purpose framework” (SPF), (previously known as Other Comprehensive Basis of Accounting (OCBOA)). Alternative accounting reporting methods can be more useful, relevant, consistent and cost-effective for countless non-SEC registered businesses. This seminar discusses the cash basis, modified cash basis, income tax basis, and AICPA’s Financial Reporting Framework for Small and Medium-Sized Entities, and reviews differences between GAAP and SPFs.
DESIGNED FOR
Accountants and CPAs in industry who are involved with financial statements presented in accordance with other comprehensive bases of accounting.
BENEFITS
- Obtain guidance and examples of audit, compilation and review reports, as well as procedures when financial statements are presented in accordance with OCBOA
- Identify the steps to prepare financial statements in accordance with other comprehensive bases of accounting (OCBOA)
- Discuss the intricacies of reporting on audited, reviewed or compiled OCBOA financial statements
HIGHLIGHTS
- Special Purpose Framework options
- Differences between GAAP and Special Purpose Frameworks
- Presentation and disclosures
- Audit, compilation and review reports and procedures
- Clarity Standard AU-C Section 800 requirements
- Recent developments
- Financial Reporting Framework for small and mid-size entities
COURSE LEVEL
Basic
PREREQUISITES
None
ADVANCE PREPARATION
None
ADDITIONAL NOTES
*AICPA members deduct an additional $30 from applicable price.