The accounts of the VIE are adjusted to fair value on the date control is achieved.

Name: The accounts of the VIE are adjusted to fair value on the date control is achieved.
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Question

The accounts of the VIE are adjusted to fair value on the date control is achieved.​

Quizplus · Accepted Answer

This is true according to US GAAP accounting rules for variable interest entities (VIEs). When control is achieved over a VIE, the accounts must be adjusted to fair value in the acquirer's financial statements.

The Accounts of the VIE Are Adjusted to Fair Value