1 - Choose a public company financial statement, a 10k, or an annual report. Review the footnote disclosures related to intercompany activity. How important is this activity to the consolidated group? Where do you find this information? Be sure to post a link or attach the document to your posting.

2 - What is the difference between an upstream and a downstream transfer? Does it matter what it is that is sold upstream or downstream (fixed assets, inventory, and so on)?

3 - What is IAS 12's position on the recognition of income tax obligations arising at the state tax level from intercompany asset sales? Has anyone has seen this type of obligation recognized or knows of anyone in a tax department who could be queried on it?