Navigating disclosure requirements for OCBOA financial statements
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Navigating disclosure requirements for OCBOA financial statements

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As significant new standards related to revenue recognition and leases among others become effective for private entities many are looking for alternatives to US GAAP compliant financial statements. There are widely-used alternatives to U.S. generally accepted accounting principles (U.S. GAAP) which are collectively referred to in the authoritative literature as special purpose frameworks. These other frameworks (collectively referred to as other comprehensive bases of accounting or OCBOA include:

  • Cash Basis: A basis of accounting that the entity uses to record cash receipts and disbursements and modifications of the cash basis having substantial support

  • Tax Basis: A basis of accounting that the entity uses to file its tax return for the period covered by the financial statements

  • Regulatory Basis: A basis of accounting that the entity uses to comply with the requirements or financial reporting provisions of a regulatory agency to which jurisdiction the entity is subject

  • Contractual Basis: A basis of accounting that the entity uses to comply with an agreement between the entity and one or more third parties other than the auditor

  • Other Basis: A basis of accounting that uses a definite set of logical, reasonable criteria that is applied to all material items appearing in financial statements

While there is significant guidance available from both authoritative and nonauthoritative sources on US GAAP financial statements, that is not the case for OCBOA statements. While there is not a significant amount of guidance, resources do exist which will help practitioners and clients alike, which are summarized in this report.

Download the OCBOA disclosures requirements

File name: ocboa-disclosures-rm.pdf

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