Reference no: EM131721908

Assignment

Using the financial statements of your company (or companies),

Write a 1,000-1,500 word paper that addresses the following questions:

•What GAAP principles govern the consolidation of financial statements?

-How are consolidated and equity methods of accounting different?

•What investments has the company made in affiliated companies? Examine its footnotes.

-Comment on the accounting for investments in affiliated companies after looking at the footnotes.
-List the investments it has.
-Does it use cost basis or equity method of accounting, or both?
-When do you use the equity method of accounting?

•Goodwill is the difference between the acquired assets and acquired liabilities.

-(Find a company that has goodwill). Examine the balance sheet and the footnotes. What is the goodwill related to?
-What FASB covers the reporting and accounting of goodwill?
-What is the difference between old goodwill reporting and new goodwill reporting?