Combined Financial Statements / Push Down Accounting

Question 1

Companies under common control, companies under common management, or unconsolidated subsidiaries can have __________ financial statements

Answer 1

combined

Question 2

Reports assets and liabilities at fair value in separate financial statements of the sub. In effect, the consolidation adjustments are pushed down into the records of each sub

Answer 2

push-down accounting

Question 3

The SEC requires push down accounting for each substantially _________ sub

Answer 3

wholly-owned