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Consolidation of companies is something that became widespread years ago. It is not only something that happens within the US, but is widely used internationally. The US currently does not follow the guidelines of IFRS, however, there are many individuals and even groups that believe we need to work towards obtaining the IFRS rules and regulations. This is even more crucial for US companies that are looking to expand overseas. "Some similarities exist between IFRS and U.S. GAAP related to consolidations. For example, both IFRS and U.S. GAAP use the notion of control to determine whether a reporting entity should consolidate another entity" (2014 RSMUS). De facto control is where the difference of control comes into play between US GAAP and IFRS. For the US GAAP, De facto control does not exist. Control for US GAAP is based off of contractual agreements. For IFRS, control can come from the parent company even if there is less then 50% control, lacking legal and/or contractual rights. For the control to exist in the IFRS model, all relevant factors would need to be examined. I think there should be set guidelines when it comes to control. Control over the rights and decisions to be made is something that can be a controversial issue. "We should now consider whether control needs to be exclusive. The standard-setters seem to hold that it does (e.g. ASB, 1999, para. 4.19; IASB, 2008, para. 158). This accords with the common meaning of control: one either has the power/right/ability to direct something or one does not. Consequently, although joint ownership of an asset is possible, "joint control" is a misleading expression" (2014 Nobes). I believe that whether a company is using US GAAP or IFRS for their standard. It should be across the board clear as to which entity, group, or individual has the control.

Refrences:

Nobes, C. (2014). The development of national and transnational regulation on the scope of consolidation. Accounting, Auditing & Accountability Journal, 27(6), 995. Retrieved from http://search.proquest.com/docview/1658089299?accountid=35796

U.S. GAAP VS. IFRS: CONSOLIDATIONS AT-A-GLANCE. (2014, August). Retrieved August 30, 2016, from http://rsmus.com/pdf/consolidations-at-a-glance.pdf

1)Do a little research and review the treatment of business combinations between US GAAP and International Standards (www.ifrs.org). Which method do you think is more beneficial to the readers of the financial statements and why? Be sure to back up your opinion with authoritative sources and note your sources in APA format.

2)Using the FASB Codification System as your reference (access information found under the Chapter Assignments tab), why do you think there are so many ways to report investments in other companies? Do you think they are all needed? What role does ethics play in financial reporting? Be sure to back up your opinion with references