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32.8 Smaller reporting companies that are LPs
Publication date: 12 Nov 2019
us Financial statement presentation guide
Smaller reporting companies (SRCs) are subject to S-X Article 8. If an LP is an SRC, it should include the balance sheet of the general partners within its financial statements in the following circumstances:
- If the general partner of the SRC is a corporation, it should disclose the audited balance sheet of that corporation as of the end of its most recently completed fiscal year. The SRC should deduct receivables, other than trade receivables, from affiliates of the general partner from the equity of the general partner. When an affiliate has committed to increase or maintain the general partner’s capital, the SRC should also present the audited balance sheet of that affiliate.
- If the general partner of the SRC is a partnership itself, it should file an audited balance sheet of that partnership as of the end of its most recently completed fiscal year.
- If the general partner of the SRC is a natural person, it should include a recent balance sheet as supplemental information, although there is no requirement for this statement to be audited. The SRC should carry the assets and liabilities of the general partner at estimated fair value, with provisions for estimated income taxes on unrealized gains. The SRC should also disclose the net worth of the person in a registration statement. If there is more than one person as general partner, the SRC can present their net worth, as determined from the balance sheets, individually or in the aggregate.
PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
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