Per the FASB, there is a presumption that consolidated financial statements are more meaningful (e.g., provide the most relevant information) than separate financial statements for the end-users. Take a position on whether you agree or disagree with this presumption. Provide support for your rationale.
Analyze the main differences in the definition of control between the U.S. Generally Accepted Accounting Principles (GAAP) prepared consolidated financial statements and International Financial Reporting Standards (IFRS) prepared financial statements. Determine which definition of control provides the most useful information to the end-users. Provide support for your rationale.
Sample Solution
