By Charles Hall | Preparation, Compilation & Review
What is the most efficient way to issue financial statements?
Tax basis financial statements without disclosure, using the Preparation of Financial Statements option (AR-C 70).
This answer assumes you are preparing financial statements in conjunction with a tax return and that those financial statements are issued separately—apart from the tax return—to your client.
By Charles Hall | Accounting and Auditing , Preparation, Compilation & Review
In this article, I provide information about various special purpose reporting frameworks (e.g., cash basis, modified-cash basis, and income tax basis) and how you can use them to create financial statements for your clients.
Suppose you’ve been contacted by your client to prepare their financial statements and issue a compilation report. At first, you think, I’ll create the financials in accordance with GAAP, but then you remember there are special purpose reporting frameworks. Maybe the cash basis or income tax basis is a better option.