Overview
This program addresses the many complex financial and tax accounting issues that are common in S corporation transactions, with discussion of common pitfalls and the new AICPA "small" GAAP accounting standards.
Prerequisites
Basic working knowledge of S Corporation reporting
Objectives
- Identify financial accounting aspects of S corporations
- Explore the common differences between financial accounting and tax accounting for S corporations
Highlights
- Review of the Accounting Standards Codification and its relationship to financial accounting for S corporations
- Review of OCBOA/Special Purpose Frameworks and their relationship to financial accounting for S corporations
- Review of the AICPA "small" GAAP rules
- The 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 account
