You can take the IOLS, which is for Boy Scout Leaders, and with the advance knowledge of your Trainer, get credit for BALOO, too. The IOLS is BALOO with more stuff. Lots more stuff. The trainer, if he/she is knowledgeable, can give you the "Cub Philosophy" part, too, and presto! Double credit! BALOO and IOLS for later in your Scout career!
I've heard of some Districts and Councils doing it this way, but I don't agree that IOLS covers everything that a good BALOO program covers. BALOO in our Council focuses heavily on planning a Cub Scout campout (including outdoor games, nature hikes, etc.), differences in gear (Boy Scout camping gear suggestions are different than Cub Scout camping because the level of intensity is different), planning a campfire program, and other useful things such as alternate methods of cooking (reflector ovens, foil packet meals, etc.). It's a lot more about how to make the campout Fun, than it is about how to camp like a Scout. While there is some overlap between the two, from what I've seen BALOO offers at least a half a day of material that wouldn't be covered in the other course.