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Accounting Entity

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Accounting Entity
Any organization with assets and liabilities maintained on a completely separate balance sheet from other organizations. The accounting entity does not need to be a legal entity in order to have a separate balance sheet. Very often, an accounting entity is a subsidiary or department within a larger company. See also: Special Purpose Vehicle, Combined Financial Statement.


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Audit Trails The audit trail keeps a record in the system of every relevant financial event--whatever is entered, deleted or modified, including: * the type of action taken; * what was added, deleted or changed; * the date and time of the activity; * the legal or accounting entity or sub-entity involved in the change; * the previous and new value resulting from the addition, deletion or change; and * a notation as to whether the audit trail was enabled or disabled for that event.
Generally accepted accounting principles define fund as a "fiscal and accounting entity with a self-balancing set of accounts .
For purposes of this press release, all financial and other information herein relating to periods prior to April 6, 2004, is that of Sealy Corporation and its consolidated subsidiaries, as the predecessor accounting entity to Sealy Mattress Corporation.
 
 
 
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