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Parent Company has a December year-end and its wholly owned subsidiary has a September year-end. Assume all the requirements for different reporting dates have been

Parent Company has a December year-end and its wholly owned subsidiary has a September year-end. Assume all the requirements for different reporting dates have been met. In November, there is a fire at the uninsured subsidiary resulting in the destruction of $100 million of fixed assets.

What would be the effect on the December consolidated financial statements under US GAAP and IFRS?

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