Question
You are the Controller for a large publicly traded company which has three major components of its business: a manufacturing arm, a merchandising arm which
You are the Controller for a large publicly traded company which has three major components of its business: a manufacturing arm, a merchandising arm which focuses on sales of the internally-manufactured products, and a capital financing arm which previously focused on providing financing to purchasers of the companys products, but has since moved into consumer financing on a wide scale as a way to leverage the companys cash resources. Previously, all of these operations were aggregated on the firms financial statements. However, your auditor has expressed concern and recommended that you reconsider how you report these segments. You dont remember anything about this from your accounting classes. Use the ASC to determine how to differently report the firms financials in the future.
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