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...
-
Easy Decorating uses a job-order costing system to collect the costs of its interior decorating business. Each clients consultation is treated as a separate job. Overhead is applied to each job based...
-
What sampling units may be used in attribute sampling of cash receipts transactions?
-
On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $36,000. Calvin Co. has one recorded asset, a specialized production machine with a book value of $10,000 and...
-
What is the permitted scope of practice for P1 licensees? List five examples of persons providing legal services who are exempt from licensing. Define professionalism (Rule 2) including integrity and...
-
In an 802.11 network, station A sends one data frame (not fragmented) to station B. What would be the value of the D field (in microseconds) that needs to be set for the NAV period in each of the...
-
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?
-
Using the formula compute a 95% confidence interval for a population proportion given the sample proportion is 0.65 and the sample size is 500. 1.96p(1 p)/n,
-
AGENCY Agency is a very important concept when running a business. You need to know who can bind your company and upon whom you can rely when dealing with an agent from another company. After...
-
James provides lawn services to ABC Corporation. James spends about 25 hours per week on the premises of ABC. He does not have any other clients. When ABC does not heed landscaping and lawn care...
-
XY before 10% and Project Caves of 100,000 and has an i 1211 $100,000 and ROLL 546 The form scout of capital 1055 Wight would the form code pse Which projects with fund chord Wealth ce you to what is...
-
The following are the dividends and earnings of Killmarks Ltd over the last five (5) years. Year Dividends Earnings 000 000 2001 150,000 400,000 2002 192,000 510,000 2003 206,000 550,000 2004 245,000...
-
Exactly 5 years after buying the apartment, Joel sells the apartment. The apartment has appreciated by 8% per year over 5 years. How much did Joel sell the apartment for?
-
Many states provide firms with an investment tax credit that effectively reduces the price of capital. In theory, these credits are designed to stimulate new investment and thus create jobs. Critics...
-
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...
-
Georgeland Cycles makes and sells two models of electric bicycles. The Commuter (a folding model) sells for $2,505.00 and the Tour- X (a fat-tire trail model) sells for $4,505.00. Unit variable costs...
-
How do resistance genes alter the effectiveness of antibiotics that target proteins ?
-
Able Co. received $20,000 from a customer on April 1 for services to be provided partially in April and the rest in May. At the end of April, 11% of the services were complete. What is the amount...
Study smarter with the SolutionInn App