2024 Financial & Tax Accounting for S Corporations

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.

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

Prerequisites

Basic working knowledge of S Corporation reporting

Designed For

CPAs in public accounting and members in industry dealing with financial accounting issues of S corporations

Objectives

Identify financial accounting aspects of S corporations
Explore the common differences between financial accounting and tax accounting for S corporations