The OCBOA Alternative for Cash-Basis Compilations and Reviews
Best Practices to Save Time and Money
Recording of a 100-minute CPE webinar with Q&A
This seminar will help accounting firm professionals evaluate the advantages and disadvantages of OCBOA cash basis and modified cash basis alternatives for compilations and reviews.
- OCBOA Statements, Comparison And Contrast
- OCBOA statements
- Modified cash-basis
- Comparisons with GAAP statements
- Guidance available on OCBOA statements
- OCBOA statements
- SAS No. 62 (special reports)
- Advantages And Disadvantages Of OCBOA Vs. GAAP
- Clarity for client compared with GAAP statements
- Clarity for external users
- Lower cost of preparation compared with GAAP statements
- Adequacy of disclosures
- Statement of cash flows not required
- Statement titles, notes may turn out improperly brief
- Modifications to standard audit reports needed when they will address OCBOA statements
- Particular Aspects Of OCBOA Cash Basis And Modified Cash Basis
- Recognition of certain revenue upon receipt
- Recognition of certain expenses when paid
- Use by both for-profit, non-profit entities
- Potential advantages
- Ease of reading
- Cost advantages
- Potential disadvantages
- Need to avoid oversimplification of concepts
- Making sure final result doesn’t look like GAAP statement
- Practical Considerations
- Crafting clear titles, disclosures and notes
- Determining provisions of SAS No. 62 that need the most attention
- Deciding acceptable modifications to pure-cash basis accounting
- Evaluating cash vs. modified cash options
- Using OCBOA in situations where GAAP-basis statements aren’t necessary
- Crafting the policy note to financial statements
The panel will, with the help of scenarios presenting common difficulties in OCBOA, help you anticipate these and other common situations:
- Crafting clear titles, disclosures and notes.
- Determining the provisions of SSARS No. 15 that merit the most attention.
- Identifying modifications to a "pure" cash basis of accounting that are acceptable, if equivalent to an accrual basis.
- Evaluating cash vs. modified cash basis options, and avoiding modifications that effectively produce just a GAAP statement with some GAAP departures.
Bluestein O'Krent & Bluestein
He has taught courses on and written about OCBOA and is an AICPA peer reviewer. He is also on the California State... | Read More
He has taught courses on and written about OCBOA and is an AICPA peer reviewer. He is also on the California State Board of Accountancy's Qualifications Panel.Close
Partner, Quality Review and Assurance
Goodman & Co.
He is the lead partner on financial statement review and risk management for nine firm offices. He has 37 years of... | Read More
He is the lead partner on financial statement review and risk management for nine firm offices. He has 37 years of experience in accounting and auditing and has served on several AICPA standards-setting boards.Close
Magidoff Sadat & Gilmore
He has more than 20 years of accounting and tax experience and specializes in audits and financial reporting for... | Read More
He has more than 20 years of accounting and tax experience and specializes in audits and financial reporting for closely held companies. He serves on the California Board of Accountancy's Report Quality Monitoring Committee.Close
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CPE credit is not available on downloads.
On-Demand Seminar Audio