Consildated and combined statements: A look at some practice issues
Certain business arrangements lead financial statement preparers to question whether consolidated financial statements are required, combined financial statements are needed, or separate financial statements of affiliated entities should be prepared.
The authoritative accounting technical literature guidance that is applicable in preparing consolidated or combined financial statements is in the FASB Accounting Standards Codification (FASB ASC) Topic 810, Consolidation. The focus of discussions in these materials is on some of the more frequently asked questions associated with using the FASB ASC 10 technical literature requirements and guidance.
Also in this issue:
A & A Advisor | February 2014
- Nipping fraud in the bud
- Chance of IRS audit increases with income level