I need help with how this should be handled and possibly the codification.
Case - Alternative Case
You are a manager in a public accounting firm. In your audit of a company, you find that the ABC Company had a 15% ownership interest in XYZ Co. last year. ABC now owns 40% of XYZ Co.
Write a memo to the senior manager of your firm (make up names for the accounting firm and senior manager). Include the following in your memo:
· Description of the situation
· Your opinion as to how this should be handled
· Documentation for your opinion by citing and referencing the pertinent portion(s) from the FASB codification