FAR 2-7: Other Financial Statement Presentation

Question 1

What are the general guidelines for OCBOA financial statement presentation?

Answer 1

• Different titles that accrual basis financial statements
• Required financial statements are the equivalent of the accrual basis balance sheet & income statement
• Financial statements should explain changes in equity accounts
• A statement of cash flows is not required
• Disclosures should be similar to GAAP financial statement disclosures