OCBOA Fundamentals: Going Where Financial Statements Haven't Gone Before
Course ID: LE1171025
NASBA Category: Accounting
Level: Overview
Author: Noce, Tom
Conference Year: 2017
CPE Credits: 6
Prerequisites: No prerequisites for this course
Advanced Preparation: None
Course Description:

As generally accepted accounting principles (GAAP) continue to become more complex, many practitioners are turning to other comprehensive basis of accounting (OCBOA) financial statement presentations. These presentations are, however, not without their own traps and pitfalls. This course will familiarize participants with the tools necessary to comply properly with the preparation, presentation, disclosure, and reporting nuances of cash and tax-basis financial statements. Additionally, highlights and key components of AICPA's Financial Reporting Framework for Small and Medium-Sized Entities will also be discussed.


Major topics discussed include:

  • What are OCBOA presentations and when are they appropriate?
  • Income tax-basis financial statement presentations
  • Cash and modified-cash financial statement presentations
  • Performing OCBOA engagements
  • Reporting on cash and tax-basis financial statements
  • AICPA Financial Reporting Framework for Small and Medium Size Enterprises (FRF-SMEs)

Learning Objectives:

Upon successful completion of this course, participants will be able to:

  • Identify professional standards applicable to OCBOA presentations
  • Compare disclosure requirements for preparing OCBOA vs. GAAP presentations
  • Discuss the performance of OCBOA vs. GAAP engagements
  • Cite various examples of financial statement presentations
  • Identify compilation, review, and audit reporting requirements
  • Cite the AICPA proposed Financial Reporting Framework for Small and Medium Size Enterprises (FRF-SMEs)

Compliance Information:
Blank fields indicate that this course does not qualify for those categories.
NASBA Registry #: 103220

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Qualifies for CA Fraud: No