Smith Inc. is a privately held company with an April 30^th year end. In May, 2020 Smith acquired a controlling interest in Tierney Corporation and is now the parent company.Tierney Corporation's fiscal year end is March 31^st.The staff accountant for Smith is in the process of preparing the consolidated financial statements for Smith Inc. as of April 30^th, 2021.The staff accountant is unsure if Smith, Inc. can use Tierney's March 31^st, 2021 financial statements in the consolidation.The staff accountant is concerned that Tierney needs to change their fiscal year to April 30^thand update their financial statements for consolidation.

Accounting Issue:Is Tierney required to change their fiscal year end to April 30^th in order for Smith, Inc. to correctly prepare the consolidated financial statements?

Codification Reference:_____________________

Answer:Yes/No