Preparing And Reporting On Cash And Tax Basis Financial Statements

Key Take Away
This training on financial management is a great way to brush up on the current standards and issues in preparing and reporting on cash and tax basis financial statements.

Overview
The course covers the whole spectrum of cash and tax basis financial statements including accounting standards, engagement and representation letters, disclosure, reporting, and engagement administration.

Why Should You Attend
Bases of accounting other than Generally Accepted Accounting Principles, referred to as “Other Comprehensive Bases of Accounting” or OCBOA, have become a widely used alternative to the numerous and sometimes complex accounting requirements prescribed by GAAP.  Unfortunately, there is very little authoritative guidance on applying OCBOA.  Unlike GAAP, there is no standard setting organization for OCBOA.  Instead, preparers and accountants have interpreted the guidance in audit standards and standards for compilations and reviews for purposes of preparing OCBOA financial statements.  AU section 623, Special Reports, states that “an independent auditor’s judgment concerning the overall presentation of financial statements should be applied within an identifiable framework”.  Ordinarily, that framework is provided by GAAP; but AU section 623 allows a comprehensive basis of accounting other than GAAP to be used (AR section 60 also recognizes OCBOA for compiled and reviewed financial statements).

Areas Covered In This Webinar

• Cash and tax basis financial statement accounting issues
• Financial statement presentation issues
• Cash and tax basis financial statement disclosures
• Reporting requirements
  
  

Learning Objectives

• Be aware of the fundamental concepts of cash and tax basis financial statements
• Implement effective and efficient techniques for preparing and reporting on cash and tax basis financial statements
• Become familiar with the authoritative guidance
• Define cash basis and tax basis accounting and learn when these methods are appropriate
• Identify recognition and measurement issues
• Discuss disclosure issues
  
  

Who Will Benefit

• CPAs who audit, review and compile cash basis and/or tax basis financial statements
• Entities that use cash or tax basis accounting
• Investors and lenders who use cash and/or tax basis financial statements

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