This program compares and contrasts the financial accounting for partnerships/LLCs and the tax accounting for these entities and covers key issues related to partnerships and financial accounting; sources of financial accounting rules; financial accounting rules applying
specifically to partnerships; the many legal forms of partnerships; tax accounting for partnership capital accounts and its relation to financial accounting for partnership capital accounts. It may be taken before or after Financial Accounting for LLCs and Partnerships –
To help understanding of how financial accounting applies in the partnership setting with special emphasis on accounting for capital accounts.
Brief review of the Accounting Standards Codification and its application to partnerships and LLCs.
Brief review of the Other Comprehensive Bases of Accounting and its application to partnerships and LLCs
Financial accounting issues in the formation of partnerships and LLCs.
Financial accounting issues arising from changes in ownership of partnerships and LLCs.
Financial vs. tax accounting for partnership/LLC capital accounts.
Review of the Sec. 704(b) substantial economic effect rules and their relation to financial accounting.