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New accounting standards require clear identification of limited liability entities.

<scp>ASC</scp> 272 Limited Liability Entities

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ASC 272 provides guidance for limited liability entities in the U.S. preparing financial statements under GAAP. It requires clear identification of entity type in financial statements. When a company becomes a limited liability entity, its assets and liabilities from before are carried over. The Codification also specifies disclosures needed in financial statements for limited liability companies.