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F\S presentation Comp, OCBOA, no disclosures

  • 1.  F\S presentation Comp, OCBOA, no disclosures

    Platinum Most Valuable Member
    Posted 05-11-2019 01:07
    HI friends who prepare financial statements

    i need help how my compilation report should read when i am presenting on an income tax cash basis.
    I would like to present with no notes to the F\S. May i do that ?
       the wording in all sample reports i see states " management has elected to omit SUBSTANTIALLY ALL disclosures"
    are there minimum notes to  that i must disclose ?

    In the accountant's report, my statements are properly labeled and named " income tax basis ". My question is must i have an additional paragraph drawing attention to this,  is it required by the standards, or is it superfluous due the labeling of the financial statements

    Any help appreciated


    Abby



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    Abby Alhante
    KURCIAS & ALHANTE, CPAs LLC
    Melville NY
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  • 2.  RE: F\S presentation Comp, OCBOA, no disclosures

    Bronze Most Valuable Member
    Posted 05-12-2019 08:41

    You must disclose in the opening report paragraph a statement disclosing the fact that "these financial statements were prepared under income tax basis, which is not generally accepted accounting principles" (Offhand I don't recall the exact wording- but pretty much resembles it). Your research literature should provide you the proper wording. SSARS pronouncements would show that

    The "substantially all disclosures" is the proper term when not providing footnotes.?? From what I recall from Comp & Review classes is that by breaking out fixed asset cost, then disclosing accumulated depreciation, or breaking out short term vs long term liabilities - that's considered disclosure.

    Every year W/R Chapter of NCCPAP has Renee Rampulla, CPA present an update on Compilation and Review with detailed helpful handout material.

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  • 3.  RE: F\S presentation Comp, OCBOA, no disclosures

    Platinum Most Valuable Member
    Posted 05-12-2019 09:58

    Evan

     

    I would like to thank you for taking the time to respond. I have made changes by adding an additional paragraph regarding the income tax basis.

     

    Let's see who else comments. Other may have interest in an expanded discussion.

     

    Abby

     

     

    Abby Alhante,  CPA

     

    Kurcias  & Alhante, LLC  CPAs

    525 Broadhollow Road   Suite 104

    Melville NY  11747

    516.829-5890  Fax 516-829-3976

    Mobile 516-381-9301

    AbbyA@KurciasAlhanteCPAs.com

    ( E mail response preferred )

     






  • 4.  RE: F\S presentation Comp, OCBOA, no disclosures

    Bronze Most Valuable Member
    Posted 05-13-2019 14:27
    ​Abby,

    Send me you email address and I will send you a copy of the report for income tax basis without footnotes. Any supplemental information reported (as that is a different report format).


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    Vincent J. Preto , CPA
    Wagner & Zwerman LLP
    Melville, NY
    631-777-1000 x 340
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