Tag Archives for " Tax Basis "

efficient way to issue financial statements
Mar 20

Issue Financial Statements in the Most Efficient Way

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).

efficient way to issue financial statements

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.

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Special purpose reporting framework
Mar 19

Special Purpose Reporting Frameworks

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.

Special purpose reporting framework

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