# ASC Topic 272: Limited Liability Entities Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/272/) Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective. Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure. Source downloaded (UTC): 2026-09-09T23:21:04.667Z to 2026-09-09T23:21:23.562Z Record version: sha256:3e52b99d72691a5b6657b025a9ec6231b66bb12e97d035e6fef8f2bfaa5c380c Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## Machine-generated topic summary ASC 272 tells U.S.-organized limited liability entities (LLCs and LLPs) how to present GAAP financial statements, essentially requiring them to look like partnership statements. A complete set includes a statement of financial position, statement of operations, statement of cash flows, notes, and information on changes in members' equity (separately, combined with operations, or in the notes) (272-10-45-1); headings must identify the entity as an LLC and the equity caption must read "members' equity" (272-10-45-2 through 45-3). The central idea is transparency about the limited-liability structure: a negative equity balance is still reported as a deficit (272-10-45-4), unpaid capital contributions are deducted from members' equity rather than shown as assets (272-10-45-5), and the notes must describe any limitation of members' liability, the classes of member interests and their rights, and any finite-life termination date (272-10-50-1; 272-10-50-3). If formation of the LLC creates a new reporting entity, the change is applied retrospectively to all prior periods, with disclosure of any exceptions to comparability (272-10-45-6 through 45-7; 272-10-50-2). Source downloaded (UTC): 2026-09-09T23:21:04.667Z to 2026-09-09T23:21:23.562Z Record version: sha256:af08215a74e1f63493dd61899958a51a4188b372d7b4728568987df79aaf9da9 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 272-10: Limited Liability Entities — Overall ### Machine-generated study aids ```json { "summary": "ASC 272-10 provides financial reporting and presentation guidance for U.S.-organized limited liability entities (LLCs and LLPs) that issue GAAP financial statements. It requires LLC statements to look like partnership statements — equity is labeled \"members' equity,\" headings must clearly identify the entity as an LLC, and a complete set includes a statement of financial position, statement of operations, statement of cash flows, notes, and information on changes in members' equity. It also mandates disclosure of any limitation on members' liability, the classes of member interests and their rights, and a finite life date if applicable.", "key_points": [ "The Topic applies to all entities structured as limited liability entities organized in the United States that report under GAAP (272-10-15-2; 272-10-05-1).", "A complete set of LLC financial statements includes a statement of financial position, statement of operations, statement of cash flows, and notes, plus information on changes in members' equity presented as a separate statement, combined with the statement of operations, or in the notes (272-10-45-1).", "Statement headings must clearly identify the statements as those of a limited liability company, and the equity section must be titled members' equity, with separate reporting of each class of members encouraged (272-10-45-2; 272-10-45-3).", "Even though members' liability is limited, a negative total members' equity balance must be reported as a deficit in the statement of financial position (272-10-45-4).", "Amounts due from members for capital contributions are presented as deductions from members' equity, not as assets, except in very limited circumstances with substantial evidence of ability and intent to pay promptly (272-10-45-5; 505-10-45-2).", "Required disclosures are a description of any limitation of members' liability, the classes of members' interests with their rights, preferences and privileges (and their amounts if not shown separately in the equity section), and the date a finite-life LLC will cease to exist (272-10-50-1; 272-10-50-3).", "If formation of the LLC creates a new reporting entity, the change is retrospectively applied to all prior periods presented (272-10-45-7; 250-10-45-21), and any exceptions to comparability of comparative statements must be disclosed (272-10-45-6; 272-10-50-2)." ], "categories": [ "Presentation", "Disclosure", "Financial statement presentation", "Debt and equity" ], "audience_level": "introductory", "student_note": "This is a short, presentation-only Topic that is easy exam points: remember \"members' equity,\" the deficit rule, and the three required disclosures (liability limitation, classes of interests, finite life). A common misunderstanding is thinking limited liability means no deficit can be shown, or that subscriptions receivable from members can sit on the balance sheet as an asset — both are wrong.", "related_topics": [ "505-10", "205-10", "250-10", "740-10", "805-50" ], "key_concepts": [ "limited liability company", "members' equity", "classes of member interests", "limitation of members' liability", "deficit in members' equity", "due from members for capital contributions", "new reporting entity", "comparative financial statements" ] } ``` Source downloaded (UTC): 2026-09-09T23:21:04.667Z to 2026-09-09T23:21:04.667Z Record version: sha256:e5bb63a9abce54d2d3e8fc787f72a00252c55ecbd628e4c2fbd35e65d7bb9ff7 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 272-10-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/272/10/#00-status) SEC content: no ##### [272-10-00-1](https://asc.understandingaccounting.org/asc/272/10/#272-10-00-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:04.667Z to 2026-09-09T23:21:04.667Z Record version: sha256:f0ee17a53035e1a394fe4e138047027a7f5116d808661e95ec419f16dd081377 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
272-10-45-6AmendedMaintenance Update 2020-18 (PDF)11/25/2020
272-10-45-7AmendedAccounting Standards Update No. 2010-0802/02/2010
Source downloaded (UTC): 2026-09-09T23:21:07.043Z to 2026-09-09T23:21:07.043Z Record version: sha256:e41b0b8c0928058cffe9f09c930fba5944e44bf18a942f3392cfde9b35115a2f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 272-10-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/272/10/#05-overview-and-background) SEC content: no ##### [272-10-05-1](https://asc.understandingaccounting.org/asc/272/10/#272-10-05-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:07.043Z to 2026-09-09T23:21:07.043Z Record version: sha256:0135e4b9eb9fcceaef6005612bee90350565f0b6e87adfdf796d615ed99f731f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The Limited Liability Entities Topic provides reporting guidance for limited liability entities organized in the United States that prepare financial statements in accordance with generally accepted accounting principles (GAAP). ##### [272-10-05-2](https://asc.understandingaccounting.org/asc/272/10/#272-10-05-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:07.043Z to 2026-09-09T23:21:07.043Z Record version: sha256:35ab7bf7992c7ca31c76bcf5a8a6415b3efd051bcb13bc7a9839dfc9d9494b36 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. A limited liability company generally has the following characteristics: 1. a It is an unincorporated association of two or more persons. 2. b Its members have limited personal liability for the obligations or debts of the entity. 3. c It is classified as a partnership for federal income tax purposes. ##### [272-10-05-3](https://asc.understandingaccounting.org/asc/272/10/#272-10-05-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:07.043Z to 2026-09-09T23:21:07.043Z Record version: sha256:66e174a7f2c3785e902c7c4d0455ea7f897ca17c29e3eeb63633db8bd6825e16 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Limited liability companies have characteristics of both corporations and partnerships but are dissimilar from both in certain respects. The following discussion compares characteristics typical of many limited liability company structures with characteristics of corporations or partnerships; however, those characteristics may not be present in all limited liability company structures. ##### [272-10-05-4](https://asc.understandingaccounting.org/asc/272/10/#272-10-05-4) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:07.043Z to 2026-09-09T23:21:07.043Z Record version: sha256:fcedad02383939a44b377b137a29794347836151a468eafbbf4f2e70edeac6cf Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Like a corporation, the members (that is, owners) of a limited liability company generally are not personally liable for the liabilities of the limited liability company. However, like a partnership, the members of an limited liability company—rather than the entity itself—are taxed on their respective shares of the limited liability company's earnings. Unlike a limited partnership, it is generally not necessary for one owner (for example, the general partner in a limited partnership) to be liable for the liabilities of the limited liability company. Also, unlike a limited partnership in which the general partner manages the partnership, or a corporation in which the board of directors and its committees control the operations, owners may participate in the management of a limited liability company. Members may participate in a limited liability company's management but generally do not forfeit the protection from personal liability afforded by the limited liability company structure. In contrast, the general partner of a limited partnership has control but also has unlimited liability, whereas the limited partners have limited liability like the members of a limited liability company. Additionally, all partners in a general partnership have unlimited liability. Like a partnership, financial interests in most limited liability companies may be assigned only with the consent of all of the limited liability company members. Like a partnership, most limited liability companies are dissolved by death, bankruptcy, or withdrawal of a member. ##### [272-10-05-5](https://asc.understandingaccounting.org/asc/272/10/#272-10-05-5) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:07.043Z to 2026-09-09T23:21:07.043Z Record version: sha256:c839ff41bf876dd034088a6041d0654247c0d993bf2771a7a7ba488390e2ae01 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. U.S. limited liability companies and limited liability partnerships are formed in accordance with the laws of the state in which such entities are organized. Because those laws are not uniform, the characteristics of limited liability companies vary from state to state. The characteristics listed in the preceding paragraph are not intended to be representative of characteristics in the statutes of each state. Preparers of a limited liability company's financial statements should be cognizant of the legislation enacted in the jurisdiction in which the entity is organized. ##### [272-10-05-6](https://asc.understandingaccounting.org/asc/272/10/#272-10-05-6) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:07.043Z to 2026-09-09T23:21:07.043Z Record version: sha256:b0f1a1101d8bea26a7e0b8775874447190f74f1a76aeb54a29680ff9a10eec69 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. In order to be classified as a partnership for federal income tax purposes, a limited liability company must lack at least two of the following corporate characteristics: 1. a Limited liability 2. b Free transferability of interests 3. c Centralized management 4. d Continuity of life. Many states have adopted similar requirements for limited liability companies to be classified as partnerships for state income or franchise tax purposes. However, certain states have enacted limited liability company legislation that includes income tax requirements. Source downloaded (UTC): 2026-09-09T23:21:09.145Z to 2026-09-09T23:21:09.145Z Record version: sha256:392c57f811715b697334f3bd73b232ca1dc11781b62a7e937450c2fd1a198ed9 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 272-10-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/272/10/#15-scope-and-scope-exceptions) SEC content: no #### Overall Guidance ##### [272-10-15-1](https://asc.understandingaccounting.org/asc/272/10/#272-10-15-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:09.145Z to 2026-09-09T23:21:09.145Z Record version: sha256:3c61314b61f135fdbdd5f6d02d3392705610263ccbb1ceed99c14269eca327e4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The Scope Section of the Overall Subtopic establishes the pervasive scope for the Limited Liability Entities Topic. #### Entities ##### [272-10-15-2](https://asc.understandingaccounting.org/asc/272/10/#272-10-15-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:09.145Z to 2026-09-09T23:21:09.145Z Record version: sha256:081284303b2ed4384435ebefb044a049d85eaf0d8119a46fba3694e34f7f8a48 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The guidance in the Limited Liability Entities Topic applies to all entities that are structured as limited liability entities. Source downloaded (UTC): 2026-09-09T23:21:12.955Z to 2026-09-09T23:21:12.955Z Record version: sha256:7fd489f4a288d99e3cab8f992a7ce2af3cb0b24e1e51573250c59888ca7a4da5 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 272-10-45: 45 Other Presentation Matters [Read section](https://asc.understandingaccounting.org/asc/272/10/#45-other-presentation-matters) SEC content: no ##### [272-10-45-1](https://asc.understandingaccounting.org/asc/272/10/#272-10-45-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:12.955Z to 2026-09-09T23:21:12.955Z Record version: sha256:707ebfda840374e1e6ce1bc97a063f94596950cf24e241c6a14de39daae8c2c3 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. A complete set of limited liability company financial statements shall include all of the following: 1. a A statement of financial position as of the end of the reporting period 2. b A statement of operations for the period 3. c A statement of cash flows for the period 4. d Accompanying notes to financial statements. Additionally, the limited liability company shall present information related to changes in members' equity for the period. This information may be presented as a separate statement, combined with the statement of operations, or in the notes to financial statements. ##### [272-10-45-2](https://asc.understandingaccounting.org/asc/272/10/#272-10-45-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:12.955Z to 2026-09-09T23:21:12.955Z Record version: sha256:f8017f1f1edf039b95ca1d6a67e9e72723d8ff8229214c2ca714036236fc9f18 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The headings of a limited liability company's financial statements shall identify clearly the financial statements as those of a limited liability company. #### Presentation of the Equity Section of the Statement of Financial Position ##### [272-10-45-3](https://asc.understandingaccounting.org/asc/272/10/#272-10-45-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:12.955Z to 2026-09-09T23:21:12.955Z Record version: sha256:9aeeaecd9999be1d433e32a370627ff232b16558724e19e618ad8417a37eea39 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The financial statements of a limited liability company shall be similar in presentation to those of a partnership. The limited liability company owners are referred to as members; therefore, the equity section in the statement of financial position shall be titled members' equity. If more than one class of members exists, each having varying rights, preferences, and privileges, the limited liability company is encouraged to report the equity of each class separately within the equity section. As indicated in paragraph [272-10-50-1](https://asc.understandingaccounting.org/asc/272/10/#272-10-50-1), if the limited liability company does not report the amount of each class separately within the equity section, it shall disclose those amounts in the notes to financial statements (see paragraph [272-10-50-3](https://asc.understandingaccounting.org/asc/272/10/#272-10-50-3)). ##### [272-10-45-4](https://asc.understandingaccounting.org/asc/272/10/#272-10-45-4) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:12.955Z to 2026-09-09T23:21:12.955Z Record version: sha256:9c3c037bddb27c356f9aa9af331db434fe40bb0f96c0ed003a024c5693877138 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Even though a member's liability may be limited, if the total balance of the members' equity account or accounts described in the preceding paragraph is less than zero, a deficit shall be reported in the statement of financial position. ##### [272-10-45-5](https://asc.understandingaccounting.org/asc/272/10/#272-10-45-5) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:12.955Z to 2026-09-09T23:21:12.955Z Record version: sha256:0c6849b14bd4e189b47a5019a9fe313438418742d5bb4d5b4bfe4a88e064b216 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If the limited liability company records amounts due from members for capital contributions, such amounts shall be presented as deductions from members' equity. Presenting such amounts as assets shall be inappropriate except in very limited circumstances when there is substantial evidence of ability and intent to pay within a reasonably short period of time, as described in paragraph [505-10-45-2](https://asc.understandingaccounting.org/asc/505/10/#505-10-45-2). #### Comparative Financial Statements ##### [272-10-45-6](https://asc.understandingaccounting.org/asc/272/10/#272-10-45-6) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:12.955Z to 2026-09-09T23:21:12.955Z Record version: sha256:499214fe57050a2b5ea2215b821404ff294f5ce6f48603876b2bcaf2794eff48 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Presentation of comparative financial statements is encouraged, but not required, by Section [205-10-45](https://asc.understandingaccounting.org/asc/205/10/#45-other-presentation-matters). If comparative financial statements are presented, amounts shown for comparative purposes shall be in fact comparable with those shown for the most recent period, or any exceptions to comparability shall be disclosed in the notes to financial statements (see paragraph [272-10-50-2](https://asc.understandingaccounting.org/asc/272/10/#272-10-50-2)). ##### [272-10-45-7](https://asc.understandingaccounting.org/asc/272/10/#272-10-45-7) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:12.955Z to 2026-09-09T23:21:12.955Z Record version: sha256:d20b97e149d88b7554aa95d6a210a17ac7fd076c0d896b6474e9a4f3e76d46fb Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If the formation of the limited liability company results in a new reporting entity, the guidance in paragraph [250-10-45-21](https://asc.understandingaccounting.org/asc/250/10/#250-10-45-21) shall be followed and the change shall be retrospectively applied to the financial statements of all prior periods presented to show financial information for the new reporting entity for those periods. Source downloaded (UTC): 2026-09-09T23:21:16.982Z to 2026-09-09T23:21:16.982Z Record version: sha256:919115216fbd9be723f305ce5c6be447ffb8ae5f48771b9556d90f3ebbd92f2a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 272-10-50: 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/272/10/#50-disclosure) SEC content: no ##### [272-10-50-1](https://asc.understandingaccounting.org/asc/272/10/#272-10-50-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:16.982Z to 2026-09-09T23:21:16.982Z Record version: sha256:cd8a80c21df0e0c0e883bb720b48186046af649376dea2cb45d6ff136a00018a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If the limited liability company does not report the equity of each class of its members separately within the equity section, it shall disclose those amounts in the notes to financial statements (see paragraph [272-10-50-3](https://asc.understandingaccounting.org/asc/272/10/#272-10-50-3)). If the limited liability company maintains separate accounts for components of members' equity (for example, undistributed earnings, earnings available for withdrawal, or unallocated capital), disclosure of those components, either on the face of the statement of financial position or in the notes to financial statements, is permitted. ##### [272-10-50-2](https://asc.understandingaccounting.org/asc/272/10/#272-10-50-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:16.982Z to 2026-09-09T23:21:16.982Z Record version: sha256:c172e10123bddbcf895764ecdf5c5375ce9231e11b603e8587cbb168a1716843 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. As indicated in paragraph [272-10-45-6](https://asc.understandingaccounting.org/asc/272/10/#272-10-45-6), if comparative financial statements are presented, amounts shown for comparative purposes shall be comparable with those shown for the most recent period, or any exceptions to comparability shall be disclosed in the notes to financial statements. Situations may exist in which financial statements of the same reporting entity for periods prior to the period of conversion are not comparable with those for the most recent period presented, for example, if transactions such as spinoffs or other distributions of assets occurred prior to or as part of the limited liability company's formation. In such situations, sufficient disclosure shall be made so the comparative financial statements are not misleading. ##### [272-10-50-3](https://asc.understandingaccounting.org/asc/272/10/#272-10-50-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:16.982Z to 2026-09-09T23:21:16.982Z Record version: sha256:82688062789b9e6a9dd7ac17187a28edc0631253d5987edd918da0baf4d14fe0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Both of the following disclosures shall be made in the financial statements of a limited liability company: 1. a A description of any limitation of its members' liability 2. b The different classes of members' interests and the respective rights, preferences, and privileges of each class. Additionally, as discussed in paragraph [272-10-50-1](https://asc.understandingaccounting.org/asc/272/10/#272-10-50-1), if the limited liability company does not report separately the amount of each class in the equity section of the statement of financial position, those amounts shall be disclosed. If the limited liability company has a finite life, the date it will cease to exist shall be disclosed. ##### [272-10-50-4](https://asc.understandingaccounting.org/asc/272/10/#272-10-50-4) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:16.982Z to 2026-09-09T23:21:16.982Z Record version: sha256:33688420a0b81f960b7f69a996421bccd327ace1a0aaa06d230146414b9d3d5c Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Section 740-10-50 requires specific disclosures relating to accounting for income taxes. Limited liability companies subject to income tax in any jurisdiction shall make the relevant disclosures under that Section. ##### [272-10-50-5](https://asc.understandingaccounting.org/asc/272/10/#272-10-50-5) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:16.982Z to 2026-09-09T23:21:16.982Z Record version: sha256:949c898e2fcd415f0f684a415346c8f96525e89eb25ebea7c0091811779f2f95 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. As discussed in paragraph [272-10-50-2](https://asc.understandingaccounting.org/asc/272/10/#272-10-50-2), if comparative financial statements are presented, additional disclosures may be required. Source downloaded (UTC): 2026-09-09T23:21:20.487Z to 2026-09-09T23:21:20.487Z Record version: sha256:168871e3f20dd2b74a9d07dd8b5f1d5717aec841e7040cd5b7369144e1f1c365 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 272-10-60: 60 Relationships [Read section](https://asc.understandingaccounting.org/asc/272/10/#60-relationships) SEC content: no #### Income Taxes ##### [272-10-60-1](https://asc.understandingaccounting.org/asc/272/10/#272-10-60-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:20.487Z to 2026-09-09T23:21:20.487Z Record version: sha256:fe31e5d450aa09f8577f13bfcde395902e2be5fac41c359c40013246d65893b3 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For guidance on recognizing the financial statement effects of a tax position, see paragraph [740-10-25-6](https://asc.understandingaccounting.org/asc/740/10/#740-10-25-6). ##### [272-10-60-2](https://asc.understandingaccounting.org/asc/272/10/#272-10-60-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:20.487Z to 2026-09-09T23:21:20.487Z Record version: sha256:14d4296a55155c4608d7ed67c5f066c9935943492a92ebbdc2693a063fc81e41 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For guidance on recognizing a deferred tax liability or asset for temporary differences at the date that a nontaxable entity becomes a taxable entity, see paragraph [740-10-25-32](https://asc.understandingaccounting.org/asc/740/10/#740-10-25-32). ##### [272-10-60-3](https://asc.understandingaccounting.org/asc/272/10/#272-10-60-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:20.487Z to 2026-09-09T23:21:20.487Z Record version: sha256:d7f647967f351826cfbdf024fc7e44d80f1df6bfa664e4e0e676038245564dde Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For guidance on adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, see paragraph [740-10-50-9](https://asc.understandingaccounting.org/asc/740/10/#740-10-50-9). #### Business Combinations ##### [272-10-60-4](https://asc.understandingaccounting.org/asc/272/10/#272-10-60-4) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:20.487Z to 2026-09-09T23:21:20.487Z Record version: sha256:0acaa8a488477a69ded24ea938b9a7073db3b8c65a309b8ef0ec1c56a0874d01 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For guidance on common control transactions, see Subtopic 805-50.