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What does OCBOA stand for and what types of frameworks would be included?

“OCBOA” stands for “Other Comprehensive Basis of Accounting” and relates to special purpose frameworks. Generally, GAAP is how financial statements will be reported when presenting financial statements for public reporting companies. However, financial statements will at time, not be reported under GAAP.

For example, special purpose frameworks (other than GAAP) may be used by sole proprietorships, partnerships or small, closely held corporations when the entity does not have loan covenants or other requirements that mandate the preparation of GAAP-based financial statements.


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