One important aim of releasing AAS 24 in 1991 and amendments made to The Corporations Law in the same year was to:
A) Require parent entities to consolidate companies that they controlled into one set of financial statements for the first time.
B) Change the treatment of minority interests to be reflected in the accounts as a liability.
C) Prevent companies from keeping debt off the balance sheet by interposing partnerships or trusts in the group structure.
D) Require the consolidation of the cash-flow statement as well as the balance sheet and income statement.
E) None of the given answers.

Question

Quizplus · Accepted Answer

The Answer of One important aim of releasing AAS 24 in 1991 and amendments made to The Corporations Law in the same year was to:
A) Require parent entities to consolidate companies that they controlled into one set of financial statements for the first time.
B) Change the treatment of minority interests to be reflected in the accounts as a liability.
C) Prevent companies from keeping debt off the balance sheet by interposing partnerships or trusts in the group structure.
D) Require the consolidation of the cash-flow statement as well as the balance sheet and income statement.
E) None of the given answers.

One Important Aim of Releasing AAS 24 in 1991 and Amendments