Combining and consolidating financial statements

Posted by / 05-Jul-2017 16:04

Combining and consolidating financial statements

A: As discussed above, we would typically expect management’s report on internal control over financial reporting to include controls at all consolidated entities.However, we acknowledge that it might not always be possible to conduct an assessment of an acquired business’s internal control over financial reporting in the period between the consummation date and the date of management’s assessment.

However, in a situation where the entity was in existence prior to December 15, 2003 and is consolidated by virtue of Interpretation No.34-47986, June 5, 2003), we have received questions regarding the implementation and interpretation of the rules.The Commission staff continues to entertain these questions, and where appropriate, will continue to answer publicly the more frequently asked questions.The answers to these frequently asked questions represent the views of the staffs of the Office of the Chief Accountant and the Division of Corporation Finance.They are not rules, regulations or statements of the Securities and Exchange Commission.

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51, requires that registrants apply that guidance and, if applicable, consolidate entities based on characteristics other than voting control no later than the period ending March 15, 2004, or December 15, 2004 for small business issuers.

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