Question

The following abstracted report is a report on a trust fund that refers to a statutory basis of accounting (special purpose framework) as well as to generally accepted accounting principles (GAAP).
Independent Auditor‘ s Report
To Natalia National Bank Association (Trustee)
and the Unit Holders of the Mega Offshore Trust:
We have audited the accompanying statements of assets, liabilities, and trust corpus— cash basis, of the Mega Offshore Trust as of December 31, 2014 and 2013, and the related statements of changes in trust corpus— cash basis, for each of the three years in the period ended 12 December, 2014. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
(Standard scope and responsibility paragraphs here) As described in Note 2, these financial statements were prepared on the cash receipts and disbursements basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles.
In our opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities, and trust corpus arising from cash transactions of the Mega Offshore Trust as of December 31, 2014 and 2013, and the related changes in trust corpus arising from cash transactions for each of the three years in the period ended December 31, 2014, on the basis of accounting described in Note 2.
March 18, 2015

Required:
Write Note 2 to Mega Offshore Trust’s 2014 financial statements.




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  • CreatedOctober 27, 2014
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