Combined F/S & Push Down Accounting Flashcards
1
Q
combined F/S
A
no parent company (not consolidated)
companies under common control/management
unconsolidated subsidiaries
2
Q
intercompany transactions (combined F/S)
A
eliminated
3
Q
non controlling interests
combined F/S
A
treated like consolidated F/S
4
Q
capital stock
combined F/S
A
added across, not eliminated
5
Q
retained earnings
combined F/S
A
added across, not eliminated
6
Q
income statements
added across, not eliminated
A
added across, not eliminated
7
Q
push down accounting
A
reports assets/liabilities at FV in separate F/S of subsidiary
required by SEC for each substantially wholly-owned subsidiary
8
Q
assets/liabilities
push down accounting
A
adjusted
9
Q
retained earnings (push down accounting)
A
transferred to APIC
to extent of parent company’s percentage of ownership
10
Q
net income (push down accounting)
A
includes depreciation, amortization, interest expense based on FV rather than historical cost
