F2-M7-Special Purpose Frameworks

Question 1

What are the general guidelines for OCBOA financial statement presentation?

Answer 1

1. Different titles from accrual basis financial statements
2. Required financial statements are the equivalent of the accrual basis balance sheet and income statement
3. Financial statements should explain changes in equity accounts
4. A statement of cash flows is not required
5. Disclosures should be similar to GAAP financial statement disclosures