Many organizations operate their financial accounting processes in ways that do not completely follow generally-accepted accounting principles (GAAP). In these cases, other comprehensive basis of accounting (OCBOA) processes may be implemented. OCBOA is a grouping of financial accounting frameworks that exist as alternative reporting methods to GAAP that often results in financial statements that are easier to understand and that are more cost-effective for your business.

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Cloonan & Associates CPA Services is experienced with a variety of OCBOA frameworks, including cash basis and income tax basis accounting, and we will work with you to implement the methodology that generates the optimal financial reporting and cost-saving outcomes for your business.

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An OCBOA is any of the following:

• Income-tax-basis financial statements - Often just referred as tax-basis, this OCBOA method closely matches the financial reporting framework with the tax reporting of the entity, usually at the federal tax level

• A statutory basis of accounting - a basis of accounting companies use under the rules of a regulatory commission or agency

• Cash-basis and modified-cash-basis financial statements - Often used by smaller and simpler organizations that primarily use their financial statements to monitor their incoming and outgoing cash flow

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PLEASE CONTACT US FOR MORE INFORMATION ON OUR OTHER COMPREHENSIVE BASIS OF ACCOUNTING SERVICES.

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