This program is an in-depth analysis of the Section 754 election and the two adjustments associated with the election under Section 743(b) and Section 734(b). The 754 election is a highly technical provision that provides great tax benefits to the owners of the partnership, and particularly in the case of Section 743(b), a new partner. In this webinar, our expert panel will cover the most common questions encountered by practitioners in their daily practices. The program includes a number of examples that provide insights into the mechanics of the two adjustments that follow upon a Section 754 election.
DESIGNED FOR
Accounting and auditing practitioners at all levels desiring to understand the challenges in applying Topic 606 to entities with long-term construction projects
BENEFITS
- Identify the five steps of Topic 606’s new revenue recognition model
- Determine the criteria that supports recognizing revenue over time under Topic 606
- Apply Topic 606’s guidance in other areas of interest to entities currently using SOP 81-1
- Recall best practices and lessons learned from others implementing Topic 606
HIGHLIGHTS
- Topic 606’s five-step revenue recognition model
- Determining whether to recognize revenue over time or at a point in time under Topic 606
- Other unique considerations in applying the five-step model for entities currently using SOP 81-1
- Lessons learned and best practices from entities already adopting Topic 606
PREREQUISITES
Experience in accounting and auditing
ADVANCE PREPARATION
None