Webinar

Financial Accounting for LLCs, Partnerships and S Corporations

This 2-part presentation first compares and contrasts the financial accounting for partnerships/LLCs and the tax accounting for these entities. It then addresses the many complex financial accounting issues of an S corporation, including financial accounting and tax accounting for common S corporation transactions.

Objectives

  • Apply financial accounting concepts in the partnership setting with special emphasis on accounting for capital accounts
  • Apply financial accounting aspects to S corporations
  • Distinguish common differences between financial accounting for S corporations and tax accounting for S corporations

Highlights

Part 1 –Partnerships and LLCs: Financial Accounting

  • Review of the Accounting Standards Codification and its application to partnerships and LLCs
  • Review of the OCBOA and its application to partnerships and LLCs
  • Financial accounting issues in the formation of partnerships and LLCs
  • Financial vs. tax accounting for partnership/LLC capital accounts
  • Sec. 704(b) substantial economic effect rules and their relation to financial accounting
  • Integration of financial accounting for partnerships/LLCs with the Form 106

 

Part 2 –S Corporations: Financial Accounting

  • Review of the Accounting Standards Codification and its relationship to financial accounting for S corporations
  • OCBOA and its relationship to financial accounting for S corporations
  • Impact of the entity's tax status history on its financial accounting
  • Deferred tax accounting for S corporations
  • Required S status financial accounting disclosures
  • Financial accounting impact of the C to S election and the S to C election
  • The relationship of financial accounting and the Form 1120S
  • Financial and tax accounting for S corporation shareholder equity accounts
  • Financial vs. tax accounting for loans to and from S corporations and their shareholders
  • Financial accounting vs. tax accounting for S corporation investment in other entities

Additional Information

Designed For

Those working with partnerships, LLCs and S corporations and members in business and industry seeking to keep their knowledge current.

Vendor

ACPEN

Advanced Preparation

None

Credits

8.00 Accounting

Prerequisite

None

Course Number

202731477

Level of Knowledge

Update

Add to Cart

View All Courses