Consolidated Financial Statements and Variable Interest Entities
- some investors (e.g., Warren Buffet) have contended that the U.S. GAAP treatment undervalued the parent’s investment carrying value for post-control step acquisitions. Construct one (1) argument in which you provide at least two (2) reasons for the U.S. GAAP treatment of reporting additional investments in subsidiaries when the parent previously established control. Provide support for your rationale.
- Determine the main characteristics of a variable interest entity (VIE). Evaluate the usefulness to investors of the inclusion of VIEs in the company’s consolidated financial statements. Provide support for your rationale.
- References included
- A page for this question
Context – Expenditure or Expenses” Please respond to the following:
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- Distinguish between and define the terms “expenditures” and “expenses”, referencing material in the textbook and within the GASB accounting standards, as well as other appropriate references. Suggest why this distinction is of such importance and consideration to governmental entities in comparison to corporations. Provide a rationale for you suggestion.
- Determine which aspects of governmental reporting provide the rationale for the emphasis on expenditures rather than full accrual expenses, as used in Generally Accepted Accounting Principles (GAAP). Provide a rationale for your determination.
- References included
- a page for this question
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