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Case 11-3

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Master of the Universe

For the purpose of owning and operating an organic clothing design store, the company Jupiter was created. Jupiter was formed by Saturn, which owns 51% of Jupiter, with Venus owning the remaining 49%. Both Saturn and Venus participate in managing Jupiter, with each absorbing potential losses as well as the profits in proportion to their respective ownership interest percentages.

ACS 810102521, 22, discuss the variability to be considered in applying the VIE (the Variable Interest Entity accounting considerations) in the noted Subsections as well as analysis of the design of the legal entity in two steps. Step 1 provides analysis of the risk to the legal entity. Step 2 requires determination of the purpose for which the entity was formed, including the variability that the entity was designed to create and pass through. ACS 810102525 introduces the circumstances that must be considered in determining the purpose(s) for which an entity was created and the variability that the entity was designed to create and pass. That includes: A. The activities of the legal entity; B. The terms of the contracts into which the legal entity has entered into; C. The nature of the legal entity’s interest; D. The manner by which the legal entity’s interests were negotiated and marketed to potential investors; and, E. Which parties significantly participated in the design or redesign of the legal entity.

According to ACS 810102524 , the risks that cause or give rise to variability include those type of risks that characterize those in the case of Saturn and Venus, which include credit risk, operations risk, and equity price risk, especially given the nature and type of business in which the subject entities were going to participate.

In its amendments to FASB (the Financial Accounting Standards Board), Interpretation No. 46(R), Statement of Financial

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