Financial statements presented in accordance with accounting principles generally accepted in the United States of America include presentation of financial data, including a balance sheet and statements of operations, retained earnings or net assets, cash flows, and notes to the financial statements. OCBOA financial statements do not include all required GAAP statements and may be presented in accordance with a basis of accounting such as income tax basis, basis prescribed by a regulatory agency, or cash receipts and disbursements basis. Financial statements may also be issued without the notes and/or statement of cash flows.

The auditor’s report will be modified to express an opinion on whether the financial statements are presented fairly, in all material respects, in conformity with the basis of accounting that is an OCBOA described in the notes.