What role does judgment play in deciding whether a controlling interest exists for consolidation under U.S. GAAP
Question:
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
US GAAP require a greater than 50 percent ownership before financial statements of related companies ...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
International Financial Reporting Standards An Introduction
ISBN: 978-1133187943
3rd Edition
Authors: Belverd E. Needles, Marian Powers
Question Posted:
Students also viewed these Accounting questions
-
What factors are important in deciding whether a pending lawsuit should be reported as a liability on the balance sheet?
-
What difficulties arise in deciding whether a group of workers has a lower wage because of discrimination?
-
What role does the actuary play in deciding on whether the fund is overfunded or underfunded? How does this role affect dynamic tax-planning strategies for the pension fund?
-
What are the major considerations in structuring a channel of distribution?
-
Per capita real GDP in country L is three times as high as in country M. The economic growth rate in country M, however, is 8 percent, while country L's economy grows at a rate of 5 percent. Use...
-
Refer to Exercise 10.12 and the simple linear regression relating the sweetness index (y) of an orange juice sample to the amount of water soluble pectin (x) in the juice. Find a 90% confidence...
-
Following is a sample of 10 matched pairs. Let 1 and 2 represent the population means and let d = 1 2. A test will be made of the hypotheses H0: d = 0 versus H1: d 0. a. Compute the differences. b....
-
On January' 1, Lorain Corporation had 2,000 shares of $5 par common stock LO 15.7 authorized and outstanding. These shares were originally issued at a price of $26 per share. In addition, 500 shares...
-
Solve: (5)*+1 = 25x
-
Find the work done by the force field F(x, y, z) = z i + x j + y k in moving a particle from the point (3, 0, 0) to the point (0, /2, 3) along (a) a straight line (b) the helix x = 3 cos t, y = t, z...
-
How does the classification of minority interests, deferred tax and liabilities, and convertible bonds and stocks differ under U.S. GAAP and IFRS?
-
Among the differences between U.S. GAAP and IFRS listed in this section, which two do you feel the most difficult to reconcile and why?
-
On April 1, 2015, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the companys first month. April 1 Nozomi invested $30,000 cash and computer...
-
The matrices in the state-space form of a system model are given. a. Find the transfer function (or transfer matrix) by using Equation 4.21. b. Verify the result of (a) by using the ss2tf command....
-
Given the transfer function \(Y(s) / U(s)\), find a. The I/O equation. b. The state-space form directly from the I/O equation in (a). \(\frac{s^{3}+2 s}{2 s^{4}+s^{2}+3 s+2}\)
-
Given the transfer function \(Y(s) / U(s)\), find a. The I/O equation. b. The state-space form directly from the I/O equation in (a). \(\frac{s^{3}+2 s+1}{\frac{2}{3} s^{3}+s^{2}+s+1}\)
-
Given the transfer function \(Y(s) / U(s)\), find a. The I/O equation. b. The state-space form directly from the I/O equation in (a). \(\frac{\frac{1}{5} s^{2}+1}{s^{2}+\frac{3}{5} s+\frac{1}{10}}\)
-
Given the transfer function \(Y(s) / U(s)\), find a. The I/O equation. b. The state-space form directly from the I/O equation in (a). \(\frac{s+\frac{3}{4}}{s^{3}+\frac{1}{3} s+1}\)
-
In early-2016, the following information was true about Abercrombie and Fitch (ANF) and The Gap (GPS), both clothing retailers. Values (except price per share) are in millions of dollars. a. What is...
-
How do the principles of (a) Physical controls and (b) Documentation controls apply to cash disbursements?
-
Describe the traveling salesperson problem.
-
Pamela Turnbow, owner of Turnbow Fashions Company, notices the amount of time it takes the companys accountant to prepare closing entries. She suggests that the company could save time and money by...
-
Turner Cabinets Company manufactures storage cabinets used in industry. It sells its cabinets to some customers on credit with generous terms specifying payment six months after purchase and an...
-
Thomas Odzer, an accountant for Mennix Company, has made adjusting entries and is preparing the adjusted trial balance for the first six months of the year. Financial statements must be delivered to...
-
2. After scouting a number of locations, your financial analysts have settled on a desirable location for one of the firm's new manufacturing plants. However, the state income and local property...
-
The "one-time good deal" Cash-For-Clunkers program offered by the federal government proved a temporary boon for car dealers. In addition to this program, dealers were eager to add their own...
-
1. You are Chief Financial Officer for a company that sells contact lenses by mail order to a notional market. Despite the national presence, the firm's facilities are all located in one state. Your...
Study smarter with the SolutionInn App