changes in accounting 1

Part 1

Locate a company who has made a change in an accounting principle, and examine its annual report. Post a link to this company’s financial statements in this area and explain how the company handled the change, both on the financial statements and in the footnotes to the financial statements.

Part 2

Financial Accounting Standards Board. (1987). Summary of Statement No. 94. Consolidation of all majority-owned subsidiaries—an amendment of ARB No. 51, with related amendments of APB Opinion No. 18 and No. 43, Chapter 12 (Links to an external site.). In Standards (Pre-codification standards).

This article provides a summary of reporting changes in accounting entities. Specifically, it provides FASB guidance regarding the consolidation of all majority-owned subsidiaries. This change required Ford Motors to include previously consolidated finance subsidiaries as part of the reporting entity. Describe how Ford Motors reported the change in their financial statements.

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