While typical partnership accounting questions involve tax issues, generally accepted accounting principles apply to these businesses and can be important to creditors, regulatory agencies, and investors. Unlike tax rules, GAAP is designed to effectively communicate the true economic picture of an enterprise. This course will survey how GAAP rules affect the financial statements of partnerships, comparing and contrasting those rules with relevant tax concepts.

Areas Covered:-

• Is There a Specialized Partnership GAAP
• GAAP vs. Tax Capital Accounts
• GAAP vs. the Rules of Code Section 704(b)
• Effect of the Admission of New Owners on GAAP Capital Accounts
• Effect of Redemption on GAAP Capital Accounts