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Financial Accounting for LLCs, Partnerships and S Corporations

Total Credits: 8 including 8 Accounting - Technical

Average Rating:
Accounting and Auditing |  Partner Produced
Steven C. Dilley, CPA, JD, PhD
Course Levels:
8 Hours



This 2-part presentation first compares and contrasts the financial accounting for partnerships/LLCs and the tax accounting for these entities. It then addresses the many complex financial accounting issues of an S corporation, including financial accounting and tax accounting for common S corporation transactions.

Basic Course Information

Learning Objectives
  • Apply financial accounting concepts in the partnership setting with special emphasis on accounting for capital accounts
  • Apply financial accounting aspects to S corporations
  • Distinguish common differences between financial accounting for S corporations and tax accounting for S corporations

Major Subjects

Part 1 –Partnerships and LLCs: Financial Accounting

  • Review of the Accounting Standards Codification and its application to partnerships and LLCs
  • Review of the OCBOA and its application to partnerships and LLCs
  • Financial accounting issues in the formation of partnerships and LLCs
  • Financial vs. tax accounting for partnership/LLC capital accounts
  • Sec. 704(b) substantial economic effect rules and their relation to financial accounting
  • Integration of financial accounting for partnerships/LLCs with the Form 106


Part 2 –S Corporations: Financial Accounting

  • Review of the Accounting Standards Codification and its relationship to financial accounting for S corporations
  • OCBOA and its relationship to financial accounting for S corporations
  • 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 accounts
  • Financial vs. tax accounting for loans to and from S corporations and their shareholders
  • Financial accounting vs. tax accounting for S corporation investment in other entities

Course Materials


Steven C. Dilley, CPA, JD, PhD Related seminars and products: 6

Steve is President of Federal Tax Workshops, Inc., located in East Lansing, Michigan. He is nationally known for his knowledge of the financial, accounting, and tax problems of the closely held business and individual taxpayers. He has published numerous articles on these topics. In addition, Steve is a retired Professor of Accounting at Michigan State University, where he taught tax accounting and has recently received numerous teaching awards. He obtained his PhD in accounting, law degree and an undergraduate accounting degree from the University of Wisconsin-Madison. He is a member of the Michigan Association of CPAs, Wisconsin Bar Association, The American Accounting Association, AICPA, American Tax Association, and Hawaii Association of Public Accountants.

Additional Info

Basic Course Information

Prerequisites None
Advanced Preparation None
Designed For

Those working with partnerships, LLCs and S corporations and members in business and industry seeking to keep their knowledge current.

Original Recording Date 05/29/2020
Yellow Book No
Course Developer

Steve Dilley, JD, PhD

Date Added to Catalog 02/26/2020

Additional Information

Complaint Resolution Policy

Please contact Anne Taylor for any complaints., (972-377-8199).

Official Registry Statement

Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:

Instructional Delivery Method

Group Internet Based

Course Registration Requirements

Online Registration

Refund/Cancellation Policy

Please contact the ACPEN help desk 1-877-602-9877 or if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.



Overall:      4.6

Total Reviews: 74


Crystal B

"This was one of the best CPE courses I have taken. Very good content!"

Garret M

"Steven Dilley is the man! He knocked it out of the park on this one!"

William H - Clarkston, Michigan

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Janice P

"Thank you"

Joseph M

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James P

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Thomas J

"The morning session was very well done. Have never had these topics covered in over 30 years of practice. Learned some on my own over the years but Steve covered many interesting issues."

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