Section 1: 30–40%1E
Special Purpose Frameworks
Not every financial statement follows GAAP. Special purpose frameworks (also called Other Comprehensive Bases of Accounting — OCBOA) are acceptable for certain engagements. The exam tests what qualifies as a special purpose framework and how auditors report on them.
What AICPA Wants You to Know
- 1Define special purpose frameworks and list the four main types
- 2Distinguish GAAP from non-GAAP financial statements and when each is appropriate
- 3Describe how auditors report on special purpose framework financial statements
- 4Identify disclosure requirements unique to special purpose frameworks