Current U.S. tax laws require the separation of financial statements of subsidiaries and the operating results for some subsidiaries are excluded from the parent entirely for some countries such as China and India.

Question

Quizplus · Accepted Answer

U.S. tax laws do not require the separation of financial statements of subsidiaries in the manner described, nor do they mandate the exclusion of operating results for subsidiaries based on the country of operation like China or India. Generally, for consolidated financial reporting purposes, the financial statements of a parent company and its subsidiaries are combined to present a single set of financials for the entire enterprise.

Current US