The abbreviation “OCBOA” stands for “other comprehensive basis of accounting.” Simply stated, it means any basis of accounting — the method in which a business keeps its books — other than GAAP (generally accepted accounting principles).
The term GAAP, or “generally accepted accounting principles,” refers to a set of accounting policies and procedures used in the formal compilation of financial statements. Some part of GAAP come from formal accounting standards from various boards and agencies, and some come from industry standards.