Any GAAP pros here?
I have an S-Corp that issues GAAP financial statements. The S-Corp is a 50% owner in an LLC taxed as a partnership. The S-Corp has a 12/31 year-end and the LLC has a 9/30 year-end.
The LLC only produces year-end financials. Therefore, I am missing activity from 10/1/16 - 12/31/16. I can't imagine that I just ignore those 3 months of activity when preparing the S-Corp financial statements. Or can I?
Any guidance?