This is primarily because the information of consolidated financial statement
was intended mainly for investors of parent company, and the treatment based on parent-company concept was more suitable in practice (Part 2 Revision of consolidated financial principles I-2).
A subsidiary wants to change to the FIFO method for both Federal income tax and consolidated financial statement
Perhaps the biggest difficulties will be tied to the audit of a consolidated financial statement
for the entire government.
Prior to this, FASB's position was that you prepared a consolidated financial statement
when you owned over 50% of another company.
BMO Financial Group's audited Consolidated Financial Statements
(including Notes to the Consolidated Financial Statements
) for the year ended October 31, 2017, and accompanying Management's Discussion and Analysis will be available at www.
GAO still cannot accurately assess federal financial statements: The Government Accountability Office says it is still impossible for it to render an opinion on the consolidated financial statements
of the federal government (other than the statement of social insurance) "because of widespread material internal control weaknesses and other limitations.
160, Noncontrolling Interests in Consolidated Financial Statements
Listed companies with 2 trillion won or more in assets will be required to file consolidated financial statements
from 2011, while other listed firms from 2013.
gt;Identify the Acquirer In identifying the acquirer, the proposed statement makes reference to another exposure draft, Consolidated Financial Statements
, Including Accounting and Reporting of Noncontrolling Interests in Subsidiaries.
Previously, companies had not included another entity in their consolidated financial statements
unless they controlled it through voting interests.
The Superintendency issues and promulgates supervisory regulations concerning asset quality, capital adequacy, liquidity, consolidated financial statements
, loan classifications and loan loss reserves, transactions with affiliates and related parties, and credit, market, and operational risks, among other matters.
With the FASB's recent publication of a discussion memorandum, on "Consolidation Policy and Procedures," many executives will be debating how to prepare consolidated financial statements
over the next several years.