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    Materiality - "Shoulda, Coulda, Woulda?"

    John Jenkins recently took note of this letter from the SEC's Office of Investor Advocate commenting on a proposal by the Financial Accounting Standards Board to amend the definition of "materiality" in Concepts Statement No. 8, Conceptual Framework...

    Accountants, Concepts Statement No. 8, FASB, Inc. v. Northway, John Jenkins, TSC Industries

    The Case Of The Wholly Owned, But Not Totally Held, Subsidiary That May Or May Not Be 100% Owned

    When someone says that a subsidiary is "wholly owned", I believe that the common understanding is that the parent company owns all of the issued and outstanding equity of the subsidiary.  What if the statement is that the subsidiary is "totally" or...

    100% owned, 210.1-02, 210.3-10, Accountants, Regulation S-X, totally held, wholly owned