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Accountants and auditors of a significant number of small to medium-sized state or local governments face the every day reality of preparing financial statements for governmental entities under a comprehensive basis of accounting other than generally accepted accounting principles (OCBOA). The professional guidance on OCBOA financial statements is limited and sometimes confusing – this practice aid makes sense of the applicable professional standards and provides you with practical guidance.
• Differences between GAAP and OCBOA financial statements
• How to apply GASB reporting model to OCBOA financial statements
• Treatment of capital assets and long-term debt in governmental OCBOA financial statements
In Applying OCBOA in State and Local Governmental Financial Statements you’ll also get examples of:
• Cash basis, modified cash basis and regulatory basis financial statements for various kinds of governmental entities
• Explanation of OCBOA financial statements for various governmental units
• Special reports on governmental OCBOA financial statements
In addition, this practice aid follows up with a frequently asked questions section tailored to OCBOA financial statements for state and local governments.