2024 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.

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

Prerequisites

Basic working knowledge of financial statement reporting

Designed For

CPAs working in public accounting firms and members in industry

Objectives

• Identify the financial accounting rules for related parties and how they impact accounting transactions

Preparation

None