Financial Statement Shells and Footnotes
• Generally Accepted Accounting Principles (GAAP) Basis Financial Statements (in accordance with GASB 34)
• OCBOA Cash / OCBOA Modified Cash Basis Financial Statements (commonly referred to as “GAAP look-alike”)
OCBOA Cash Basis – Financial statements prepared on the cash basis as “GAAP look-alike” financial statements; relevant Governmental Accounting Standards Board (GASB) Statements have been applied to the extent the GASB Statements are applicable to the OCBOA Cash Basis of accounting.
OCBOA Modified Cash Basis – Financial statements prepared on a modified cash basis as “GAAP look-alike” financial statements; relevant GASB Statements have been applied to the extent the financial statements are applicable to an OCBOA Modified Cash Basis of accounting. The most common modification applied within an OCBOA Modified Cash Basis is the recording long term investment activity. Other common modifications include recording of capital assets, net accumulated depreciation and long-term debt arising from cash transactions.
Financial statements prepared to comply with the basis of accounting prescribed by the Auditor of State in accordance with the financial reporting provisions of Ohio Revised Code 117.38 and Ohio Administrative Code 117-2-03(D).