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Accordingly, ASC 810 requires that all consolidation analysis first consider whether a legal entity is a VIE before applying the guidance for voting interest entities. VIEs came to prominence after Enron made " creative " use of special-purpose entities to conceal widening losses from its investors at the beginning of the 2000s.
FIN 46, Consolidation of Variable Interest Entities, was an interpretation of United States Generally Accepted Accounting Principles (U.S. GAAP) published on January 17, 2003 by the U.S. Financial Accounting Standards Board (FASB) [1] that made it more difficult to remove assets and liabilities from a company's balance sheet if the company retained an economic exposure to the assets and ...
Variable interest entities [ edit ] Under the new standard, the decision whether to consolidate is determined by two factors: a company's design and intention and a parent company's ability to direct that organization's actions in a way that significantly impacts its economic performance.
Here’s a list of the types of products that can come with variable interest rates: Adjustable-rate mortgages. Home equity lines of credit. High-yield savings accounts. High-yield checking accounts.
Any interest you earn on that is a risk-free return. It's not just a matter of peace of mind. You can argue that cashing out some S&P 500 gains and putting that money into the bank is playing it ...
Consolidation of Variable Interest Entities—an interpretation of ARB No. 51 Jan. 2003: Superseded by FASB Interpretation 46(R), para. 4; 46(R) Consolidation of Variable Interest Entities (revised December 2003)—an interpretation of ARB No. 51 Dec. 2003: Amended; 47.
NEW YORK (Reuters) -Wall Street lost ground on Tuesday as investors closed the book on a remarkable year for equities, during which the U.S. stock market was powered to record highs by the twin ...
The FASB Accounting Standards Codification is the source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. In addition to the SEC's rules and interpretive ...