Frequent questions about special purpose frameworks

When many consider financial statements, the default assumption is that they are prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP). While true for many sets of financial statements, there are other widely used alternatives to U.S. GAAP which are collectively referred to in the authoritative literature as special purpose frameworks. These are other frameworks that also are referred to as other comprehensive bases of accounting (OCBOA), which include:

Cash basis: A basis of accounting that the entity