According to AICPA guidance, a not-for-profit organization (X) is required to consolidate a related not-for-profit organization...
According to AICPA guidance, a not-for-profit organization (X) is required to consolidate a related not-for-profit organization (Y) in its financial statements when
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The relationship results from a merger of X and Y. |
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X has a controlling financial interest in Y through direct or indirect ownership of a majority voting interest. |
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X can control Y through a contract or affiliation agreement, even though X does not have a majority ownership or voting interest. |
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Any of the above. |
Homework Answers
Option, Any of the above.
Reason: Consolidation is required when there is a merger of two entities, either due to direct or indirect ownership of voting interest or through a contract as per ASC ,note 958-810
.
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