Question: Consolidation Process A new employee has been given responsibility for preparing the consolidated financial statements of Sample Company. After attempting to work alone for some

Consolidation Process A new employee has been given responsibility for preparing the consolidated financial statements of Sample Company. After attempting to work alone for some time, the employee seeks assistance in gaining a better overall understanding of the way in which the consolidation process works. You have been asked to assist in explaining the consolidation process.

How might this process under a GAAP basis compare to that under an IFRS basis?

Are there any ethical aspects that need to be addressed?

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