Financial Accounting for Related Party Transactions

Overview

Loans, rental agreements, business combinations - what do these all have in common? They all have the potential of creating a related party transaction. This program presents a detailed analysis of the financial accounting rules for transactions with related parties, as well as compares and contrasts those rules with the AICPA financial reporting framework for small and medium-sized entities.

This course does not qualify for IRS credit.

Objectives

• Identify the financial accounting rules for related parties and how they impact accounting transactions
• Compare financial accounting rules of related parties to those of the AICPA financial reporting framework

Highlights

• FASB codification provisions for transactions with related parties, including business owners and special purpose entities
• Compares and contrasts those rules with the AICPA financial reporting framework for small and medium-sized entities
• Reviews the tax accounting related taxpayer standards
• Several real-life situations illustrate the various authoritative standards and discuss the consequences of failing to comply with those standards