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Advanced Accounting II

Financial Interpretation No. 46R, “Consolidation of Variable Interest Entities,” references several FASB Concepts Statements in motivating the need to identify and consolidate variable interest entities. FIN 46R also expands the traditional definition of control as provided in Accounting Research Bulletin 51, “Consolidated Financial Statements.” Review the Summary to FIN 46R and explain the following:

Conduct a preliminary search of Financial Interpretation No. 46R, “Consolidation of Variable Interest Entities,” and answering the following questions:

  1. What is a variable interest entity (VIE)?
  2. Discuss the situations that a sponsoring firm required to consolidate the financial statements of a VIE with its own financial statements.
  3. In what ways do the conclusions in FIN 46R relate to the concepts of relevance and reliability?
  4. Discuss how the definitions of assets and liabilities relate to the consolidation of VIEs?
  5. Based on your reach of Financial Interpretation No. 46R, discuss why is a majority voting interest insufficient evidence of a controlling financial interest in a VIE?

In your own words, post a substantive response to the Discussion Board question(s) and comment on other postings. Your response should address the DB question(s) and move the conversation forward. You will be graded on the quality of your postings, including mastery of the concept as well as critical thinking. If asked for your opinion, do not simply state that it is a good or bad idea; elaborate on your reasons and argument. Include enough detail to substantiate your thinking as well as your position on the questions or comments.

Grading Criteria

What is a variable interest entity (VIE)?

20%

Discuss the situations that a sponsoring firm required to consolidate the financial statements of a VIE with its own financial statements?

20%
In what ways do the conclusions in FIN 46R relate to the concepts of relevance and reliability? 20%
Discuss how the definitions of assets and liabilities relate to the consolidation of VIEs? 15%
Based on your reach of Financial Interpretation No. 46R, discuss why is a majority voting interest insufficient evidence of a controlling financial interest in a VIE? 15%
Substantive responses to students posts (at least two replies) 10%
TOTAL 100%

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