Extraordinary gain - PowerPoint PPT Presentation

Chapter 2

Chapter 2. Consolidated Statements Date of Acquisition. The consolidation concept. Merge two legal entities into one economic entity Generally required with over 50% ownership, that requirement may be relaxed. FASB may move to definition of Control (could exist below 50%).

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Troubled Debt Restructuring

Troubled Debt Restructuring. When the borrower is in severe financial difficulty, the creditor(s) may change the terms of debt agreement (i.e.,reduce the amount of principal or reduce the amount of interest payments or both.) rather than force the borrower to liquidate.

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