Question

"Consolidation of Financial Information" Please respondto the following:

-Per the FASB, there is a presumption that consolidatedfinancial statements are more meaningful (e.g., provide the mostrelevant information) than separate financial statements for theend users. Take a position on whether you agree or disagree withthis presumption. Provide support for your rationale.

-Analyze the main differences in the definition of controlbetween U.S. Generally Accepted Accounting Principles (GAAP)prepared consolidated financial statements and InternationalFinancial Reporting Standards (IFRS) prepared financial statements.Determine which definition of control provides the most usefulinformation to the end users. Provide support for yourrationale.