Consolidations have always been a complex topic in accounting. This course will discuss the requirements to consolidate and private company options. It will cover which entities need to consolidate and include an in-depth discussion on variable interest entities (VIEs). It will also cover the FASB’s recent revisions to the Financial Accounting Concepts (FACs) chapter on entities.
Learning Objectives
• Understand when control exists requiring consolidation
• Recognize how to identify a VIE and when it may be appropriate for a non-public entity to elect out of consolidating
• Determine how a consolidated financial statement is presented and how to identify the need for eliminating entries
Major Topics
• Consolidation accounting framework
• Voting control
• Variable Interest Entities
• Business combinations
• Control case examples
• Business combination case examples
• Disclosures
