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IPA RESOURCES AOS Regulatory Basis (i.e., noncom) & OCHOA Opinion examplesRevised January 2012 to: Conform with the 2011 AICPA Audit and Accounting Guide, State and Local Governments (SLG Guide),
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Non-OCBOA (Other Comprehensive Basis of Accounting) and OCBOA (Other Comprehensive Basis of Accounting) opinions are financial reporting options that may be used by certain entities that do not follow generally accepted accounting principles (GAAP).
Entities that choose to use non-OCBOA or OCBOA financial reporting options are required to file the respective opinion with their financial statements.
Non-OCBOA and OCBOA opinions are typically completed by a qualified accounting professional or CPA who is knowledgeable about the specific financial reporting options being used.
The purpose of the non-OCBOA and OCBOA opinions is to provide users of the financial statements with assurance that the financial information presented complies with the respective financial reporting options.
The non-OCBOA and OCBOA opinions must include an evaluation of whether the financial statements are presented fairly in accordance with the chosen basis of accounting.
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