Perspectives

Financial Reporting Alerts

Issued as needed to highlight up-to-the-minute accounting, regulatory, or other developments that may require immediate action or that may affect financial reporting and disclosure.

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Most Recent Financial Reporting Alert

Financial statement implications of the new partnership audit rules

Financial Reporting Alert 18-6

This alert discusses the financial statement implications of the new rules for partnership audits and adjustments under the Bipartisan Budget Act of 2015. The new rules supersede the current Tax Equity and Fiscal Responsibility Act procedural rules for partnership audits and adjustments and will apply to all partnerships, although an opt-out election is available to certain qualifying partnerships. The rules are effective for returns filed for partnership taxable years beginning after December 31, 2017.

Financial Reporting Alert 18-6, Financial statement implications of the new partnership audit rules
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