November 30, 2022


4 Total CPE Credits


Financial & Tax Accounting for Partnerships & LLCs

  • Instructor

    Steven Dilley

Major Topics

  • Review of the Accounting Standards Codification and its application to partnerships and LLCs
  • Review of the OCBOA/Special Purpose Frameworks and their application to partnerships and LLCs
  • Review of the 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
  • Financial and tax accounting for PPP loan forgiveness.

CPE Credits Available

Total CPE

Things to Know About This Course

Course Level

  • Intermediate


Basic working knowledge of financial accounting.

Advanced Preparation


Intended Audience

CPAs working with partnerships and LLCs and members in business and industry seeking to keep their knowledge current



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  • ASCPA Non-Member

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