This program compares and contrasts the financial accounting for partnerships and LLCs, as well as discusses the tax accounting for these entities. It includes a thorough discussion of the important differences between financial accounting for partnership capital accounts and the tax accounting for partnership capital accounts.
DESIGNED FOR
CPAs working with partnerships and LLCs and members in business and industry seeking to keep their knowledge current.
BENEFITS
To help understand how financial accounting applies in the partnership setting with special emphasis on accounting for capital accounts.
HIGHLIGHTS
- Review of the Accounting Standards Codification and its application to partnerships and LLCs.
- Review of OCBOA and its application to partnerships and LLCs.
- Review of the new AICPA financial reporting framework for small and medium-sized entities.
- Integration of these financial reporting approaches with accounting for issues in the formation of partnerships and LLCs.
- Financial accounting issues arising from changes in ownership of partnership and LLCs.
- Financial vs. tax accounting for partnership/LLC capital accounts.
- Review of Section 704(b) substantial economic effect rules and their relation to financial accounting.
- The integration of financial accounting for partnerships/LLCs with the Form 1065.
- Financial accounting basis for ownership interests vs. tax accounting basis for ownership interests.
- Deferred tax accounting for partnerships/LLCs.
- Completion of the Form 1065 Schedule M-1.
- Financial accounting for the operations of a partnership/LLC.
- Partnerships/LLCs as part of other entities.
COURSE LEVEL
Intermediate
PREREQUISITES
None
ADVANCE PREPARATION
None