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.
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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 Alhante, CPA
Kurcias & Alhante, LLC CPAs
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Melville NY 11747
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