For which of the following special purpose financial statements is a dual opinion on a special purpose framework and GAAP required?

Question

Quizplus · Accepted Answer

A dual opinion on a special purpose framework and GAAP is required for financial statements prepared using a regulatory basis for general use. This is because regulatory basis financial statements are prepared in accordance with regulatory accounting principles that may differ from GAAP. Therefore, a dual opinion is necessary to provide users with information on the financial statements prepared under both frameworks. Dual opinions are not required for cash basis, tax basis or contractual basis financial statements.

For Which of the Following Special Purpose Financial Statements Is