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

Level: 
Intermediate

Speakers Profile:

Candace Leuck
Candace Leuck began her professional career with Ernst & Young and has audit experience in various industries including manufacturer, automobile dealerships and securities brokers.  She earned her Masters of Professional Accountancy from Clemson University and has held Certified Public Accountant designations in both South Carolina and North Carolina.  Candace has been giving presentations, seminars, and webinars to audiences for over 30 years as well as teaching in university classrooms.  She has been in consulting practice for the past ten years, specializing in new business formation, cash flow excellence, bankruptcy policy and proceedings, and lean environment consultations.

Others Details

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