The New AICPA OCBOA Publications: What They Are and How They Apply to Governments and Not-for-Profits Using Cash, Modified Cash, and Regulatory Frameworks – Member Web Event 


    Do you audit governments or NPOs that prepare their annual financial statements using an OCBOA? This archived Web event covers the contents of two important new AICPA publications that contain new and updated guidance for both auditors and preparers of OCBOA financial statements.

    About the Web Event

    With regard to state and local governments, the new AICPA Practice Aid, Applying OCBOA in State and Local Governmental Financial Statements, is a key guidance document for auditors and preparers. With the relative complexity of the state and local government financial reporting model, questions are often faced by financial statement preparers and auditors regarding the applicability of Governmental Accounting Standards Board (GASB) accounting principles and financial reporting requirements to OCBOA financial statements. Also, there are differing professional opinions as to the proper application of certain GAAP requirements to OCBOA financial statements, such as the manner of financial statement presentation and the extent of appropriate disclosures. While nonauthoritative, this new Practice Aid is the best source for such guidance in all of these areas. Plus, it also provides guidance for the auditor reporting on state and local government OCBOA financial statements, all of which has been updated for the new clarity standards.

    The updated AICPA Practice Aid, Accounting and Financial Reporting Guidelines for Cash- and Tax-Basis Financial Statements, is intended to provide preparers, including NPOs, with the guidelines and best practices that promote consistency and that resolve the often difficult questions regarding the preparation of cash- and tax-basis financial statements. Many smaller NPOs prepare cash-basis financial statements and while nonauthoritative, this Practice Aid will provide useful guidance to those entities.

    Specifically this archived GAQC Web event will provide participants with:
    • A discussion of the revised standards and guidance affecting OCBOA presentations, including an overview of cash, modified cash, and regulatory reporting frameworks, as updated for the new clarity standards;
    • The ability to hear first-hand from the Practice Aid authors about what each publication includes and how they will be helpful to both auditors and preparers;
    • An overview of how to apply OCBOA to state and local governments and NPOs;
    • The perspectives of an auditor with clients that prepare OCBOA financial statements; and
    • Information about the most common areas of concern.

    About the Presenters

    Mike Crawford, CPA, is Chairman Emeritus of Crawford & Associates, P.C. an Oklahoma City based CPA firm dedicated exclusively to the practice area of state and local government accounting and consulting. He is the author of the recently revised, AICPA Practice Aid, Applying OCBOA in State and Local Governmental Financial Statements. Mike is a past president of the Oklahoma Society of CPAs, an inductee into the Oklahoma Accounting Hall of Fame, and is past Vice-Chairman of the Governmental Accounting Standards Advisory Council. Although Mike is retired from active practice, he continues to stay busy as an author, consultant, and public speaker.

    Mike Glynn, CPA, CGMA is a Senior Technical Manager in the AICPA Audit and Attest Standards Team. In this capacity, Mike serves as the staff liaison to the Accounting and Review Services Committee. In addition, Mike supports the activities of Auditing Standards Board and its subcommittees by assisting members in drafting and deliberating authoritative professional standards and interpretations. He is the author of the recently revised AICPA Practice Aid, Accounting and Financial Reporting Guidelines for Cash- and Tax-Basis Financial Statements. Prior to joining the AICPA in 1998, Mike worked at Ernst & Young LLP. Mike also serves as a member of the New York State Society of CPAs' Accounting and Review Services Committee.

    Shelly Hammond, CPA, CGFM is a vice president with Allen, Gibbs & Houlik, L.C. in Wichita, Kansas. She leads AGH's public sector practice, and has nearly 20 years' experience working with a variety of governmental and not-for-profit organizations, including cities, counties, school districts, state agencies, colleges and universities, and social service organizations. Shelly currently serves on the AICPA's Governmental Audit Quality Center Executive Committee.

    Archived Web Event Listening Instructions

    You should print out and have available, The New AICPA OCBOA Publications: What They Are and How They Apply to Governments and Not-for-Profits Using Cash, Modified Cash, and Regulatory Frameworks – Member Web Event Slides (PDF or PowerPoint) and handout.

    Thank you for your interest in this GAQC Event.  

    Click on the link below, to listen to the archived Web event:
    https://university.learnlive.com/Demo.aspx?id=777




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