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Case - Alternative Case You are a manager in a public accounting firm.

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

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