What criterion is used to determine whether a parentsubsidiary relationship exists? Are U.S. GAAP and IFRS the

Question:

What criterion is used to determine whether a parent–subsidiary relationship exists? Are U.S. and IFRS the same or different? Explain.

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...