Noeleen Auto Mall, Ltd. recently completed an initial public offering (IPO) for $23,000,000 by listing its common shares on the New York Stock Exchange. Prior to its IPO, Noeleen was a privately held family business. As a public company, Noeleen faced increased reporting requirements, particularly those sanctioned by the Securities and Exchange Commission (SEC). Noeleen's Controller, Donald Lierni, was surprised to learn that a Form 10-Q was required to satisfy the company's first-quarter filing requirements with the SEC. Lierni lacked sufficient time to develop the "actual" numbers needed to prepare thereport, meaning that he needed to make significant estimates before the 10-Q filing due date.

From the list of

potential issues a. through c.

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identify which are applicable issues and select the relevant components of the conceptual framework of accounting. (All potential issues may not be applicable and all issues may not have two relevant components. If a box is not used in the table leave the box empty.)

a.	Noeleen's Controller, Donald Lierni, was surprised to learn that a Form 10-Q was required to satisfy the company's first quarter filing requirements with the SEC. Lierni was concerned that there is insufficient time to develop the"actual" numbers needed to prepare the report. The 10-Q required that significant estimates had to be made before the filing due date.
b.	Noeleen created a separate legal entity to handle its auto financing, Benedict Arnold Credit Company, during the same year it went public. The separate entity is not consolidated with the primary financial statements. Lierni decided to keep this entity off balance sheet and did not see any need for disclosure of Noeleen's relationship with Benedict Arnold Credit Company.
c.	Noeleen Auto Mall, Ltd. recently completed an initial public offering (IPO) for$23,000,000 by listing its common shares on the New York Stock Exchange.