OCBOA: Something Old, Something New (Completed)

Date: Monday, November 28, 2022
Instructor: Pat Patterson
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs

This presentation is about the “other comprehensive basis of accounting” (OCBOA) for accounting engagements. The session includes the following basis of accounting for accrual, tax, cash, liquidation, and any related updates for these engagements. Further, the AICPA’s new OCBOA, Financial Reporting Framework for Small and Medium Sized Entities (FRF for SMEs) will be compared to the tax basis of accounting and GAAP. The participants learn about new FASB pronouncements that may impact OCBOA and the impact of International Financial Reporting Standards (IFRSs) on OCBOA.

Who Should Attend
CPAs with an interest in private company accounting and auditing issues involving OCBOA, including those in public practice, management, and accounting; professional employees in industry; officers, board members; and professionals with an interest in clients, friends, or employers.

Topics Covered

  • Accrual, tax, cash, modified cash, liquidation, estimated value basis and other bases of accounting
  • AU-C 800 for audits of OCBOA financials
  • Reporting issues and OCBOA
  • Engagement Letter issues
  • Disclosures for OCBOA
  • Preparation Services and OCBOA
  • Documentation for OCBOA
  • The AICPA's FRF for SMEs

Learning Objectives

  • Identify the new FASB pronouncements that may impact OCBOA
  • Identify the impact of International Financial Reporting Standards (IFRSs) on OCBOA
  • Prepare, compile, and audit financial statements using OCBOA

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
Basic knowledge of OCBOA.

Advance Preparation
None

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