This course explores the FASB codification provisions and AICPA financial reporting framework for transaction with related parties, including business owners and special purpose entities. Real-life examples are used to illustrate the various authoritative standards and discuss the consequences of failing to comply.
DESIGNED FOR
CPAs working in public accounting firms and members in industry.
BENEFITS
After attending this presentation you will be able to...
- Apply the financial accounting rules for related parties and how they impact accounting transactions
HIGHLIGHTS
The major topics covered in this class include:
- FASB codification provisions for transactions with related parties, including business owners and special purpose entities.
- Compare and contrast those rules with the AICPA financial reporting framework for small and medium-sized entities.
- Review the tax accounting related taxpayer standards.
- Real-life examples applying the various authoritative standards. Consequences of failing to comply with the standards.
PREREQUISITES
Basic working knowledge of transactional financial reporting.
ADVANCE PREPARATION
None