Question
use google and fasb site to ans these Qs. write in your ownwords. include reference (link to the sites u got the info) 6. What
use google and fasb site to ans these Qs. write in your ownwords. include reference (link to the sites u got the info)
6. What is the appropriate procedure to follow if losses attributable to a noncontrolling interest exceed its equity balance (i.e., would result in a negative balance for noncontrolling interest equity)? (Hint: See FASB ASC 810-10-45-21.)
7. Describe the different effects on consolidated financial statements when a parent and subsidiary engage in upstream versus downstream intercompany sales of depreciable fixed assets.
8. Describe the reason why the [ADJ] consolidating entry is necessary when preparing consolidated financial statements for a parent company that applies the cost method of pre-consolidation bookkeeping.
9. Describe the similarities and differences in the [C] consolidating entry when a parent company uses equity method versus the cost method of pre-consolidation bookkeeping.
10. Describe the difference between consolidated goodwill and noncontrolling interest when a parent company chooses the IFRS alternatives of "full fair value" recognition versus "proportionate share" recognition.
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