Matt Co. included a foreign subsidiary in its year 5 consolidated financial statements. The subsidiary was acquired
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Question:
Matt Co. included a foreign subsidiary in its year 5 consolidated financial statements. The subsidiary was acquired in year 1and was excluded from previous consolidations. The change was caused by the elimination of foreign exchange controls. Including the subsidiary, in the year 5 consolidated financial statements result in an accounting change that should be reported
a. By footnote disclosure only.
b. Currently and prospectively.
c. Currently with footnote disclosure of pro forma effects of retroactive application.
d. By restating the financial statements of all prior periods presented.
Related Book For
Financial reporting, financial statement analysis and valuation a strategic perspective
ISBN: 978-0324789416
7th Edition
Authors: James M Wahlen, Stephen P Baginskl, Mark T Bradshaw
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