1 the requirement of consolidated financial statements for parent and subsidiary com 4454365

1. The requirement of consolidated financial statements for parent and subsidiary companies has become a controversial issue in the field of international accounting. U.S. GAAP requires parent and subsidiary companies to report their information on a consolidated basis. However, under IAS 27 Consolidated and Separate Financial Statements, the IASB allows for consolidated and separate (non-consolidated) accounting methods. Consider the impact of these accounting methods on financial statements and their users. Think about whether the IASB should require parent and subsidiary companies to report on a consolidated basis.

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