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"For what it may be worth, I am a proponent of removing the notes if real numbers can be placed in the financials to measure the effect. However, that is not always possible." You know, the more you open your ignorant trap the more ridiculous you sound. By not being a CPA - you apparently don't understand that. The whole purpose behind having footnote disclosures is to explain or clarify information contained in the financial data so they don't sound or appear to be misleading or to clarify financial information disclosed. They put more validity into the meaning of the financial statements so readers who rely on them could make sound financial decisions. There are minimum AICPA Compilation standards for non-compliant compilation reports - known as "prepared financial statements'" where there are no footnotes, no legends at bottom of statements, no report provided, etc. but they require engagement letters in order to be compliant with the standards. But since you're not a CPA - you wouldn't know those things. So keep posting these open-ended misleading questions, attempting to test or tease us on our knowledge to get your jollies. You don't impress me anymore and I'm not going to further respond to your posts.

I am picturing a set of financial statements prepared under GAAP and I am imagining a disclosure like this: Partner A tax liability was calculated at 33% Partner B tax liability was calculated at 25% Etc... Each partner would able to know how much each partner personally makes or declares. ^^ This is probably the reason why we never see this on Partnership audited financial statements , FYI I am not a CPA and this is only an assumption.

You are not going to find many tax preparers that are familiar enough with GAAP to answer questions/explain something that's not tax basis. You're looking for love in all the wrong places. Go to a forum full of experts or work with a local mentor. PS: Please don't insult us because we don't know everything about everything. I don't attempt to answer QB questions or computer questions, either. And, it's a holiday weekend so don't expect all of us to be around.

I'm an EA, not a CPA. When I do bookkeeping for entity clients, I keep the books on the tax basis. Then, when preparing the tax returns, I have NO book-to-tax differences. I can't help you. And, the only things I want to learn about GAAP is when it might be required for a client, when it might come into play when preparing tax returns, if ever. I do think you need an accounting forum. If enough accountants are here and keep GAAP books for their clients, perhaps you could request a separate forum here. But, in the meantime, do look for a GAAP forum under CPA-specific sites, maybe AICPA.

When I was in college, I shopped in the boys department for things like tank tops and tees and in the girl's department for dresses. I'm mid-to-tall, but was very skinny and that was in the sixties with mini dresses in style. The clothes were much better made for the rough and tumble of kids, so they were great for this bicycle-riding coed. I saved a bundle of money. Wish I could still do that, but no longer skinny.

It is 11:34 PM and I have spent all day fooling with this computer. I contacted my local isp tech who explained that new computers should be updated immediately as many times they have been on retailers shelves for months. I finally got this done with much prayer and a few unmentionable words. Sure enough the machine got to humming along. I then made another attempt to download Chrome. After a promising start it had stopped yet again. I left the download in place stuck as it was and typed in the Cortana search module Windows 10 has "Chrome will not download" and almost IMMEDIATELY the Chrome browser popped into place. Do you suppose Abby Microsoft had anything to do with this? I activated my existing account and all is well and I am now ready to face the 2020 tax season. I have survived yet another Microsoft OS learning misery.