What is an accounting disclosure checklist?

The Disclosure Checklist (DC) streamlines checklist preparation and review for financial-statement disclosures and builds in quality assurance processes.

What disclosures are required for cash basis financial statements?

A required disclosure for all cash- and tax-basis financial statements is the description of the basis of accounting (financial reporting framework), including how that basis of accounting differs from GAAP.

What information should be disclosed financial reporting?

IAS-5 lists the items to be disclosed, including taxes, depreciation, interest income and expense, unusual charges and credits, and net profit or loss.

What should be included in an OCBOA statement?

One criticism of OCBOA statements is that disclosures are not adequate. As a result, it is recommended that comprehensive disclosures be made by a company that has adopted OCBOA, including the basis of accounting used, contingent liabilities, and risks and uncertainties.

How are OCBOA financial statements different from GAAP financial statements?

Disclosures in OCBOA financial statements should parallel those in GAAP-basis statements or communicate the same information. The same disclosure requirements apply in compiled and reviewed OCBOAs that apply in audited OCBOAs.

Do you need to modify your OCBOA departure report?

Review and compilation reports should be modified for OCBOA departures, but there is no requirement to modify these reports for inconsistencies and going-concern issues.

What are the disclosure requirements for a nonprofit organization?

Nonprofit Organization Disclosure Checklist Lists the GAAP disclosure requirements for financial statements of a nonprofit organization and provides a link from each requirement to relevant example disclosures Accounting and Reporting for Estates and Trusts (10/16) (20161001) (top)