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Unformatted text preview: value permitted Research expensed Development costs capitalized if certain criteria are met Focus on concept of power, i.e., parents ability to govern sub to obtain benefits U.S. GAAP Rules based 25,000 pages Bright lines SECthree years for all except balance sheet Order of liquidity A = L + E FIFO, LIFO, weighted average Cost minus accumulated depreciation All R&D expensed Focus on majority ownership interest...
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- Spring '07