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In: Business and Management

Submitted By rockiee80
Words 898
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The University of Chicago
Booth School of Business
Executive MBA Program

Financial Accounting

Chicago 12

Team Members

1. George Fischer 2. Gang Huang 3. Joshua Rademacher 4. Robert Gallo 5. Stanley Tara 6. Santosh Shankergowda

I pledge my honor that I have not violated the Booth Honor Code during this assignment.

GAAP Consolidated Financial Rules

Consolidated financial statements present the financial position and results of operations for a parent (controlling entity) and one or more subsidiaries (controlled entities) as if the individual entities actually were a single company or entity. Consolidation is required when a corporation owns a majority of another corporation’s outstanding common stock. The accounting principles applied in the
Preparation of the consolidated financial statements are the same accounting principles applied in preparing separate-company financial statements. Two companies are considered to be related companies when one controls the other company. Control is presumed to exist if the parent owns more than 50% of the voting stock of the subsidiaries. Consolidation requires full enumeration of revenues, expenses and asset transfers between companies.

Consolidated financial statements are presented primarily for the benefit of the shareholders, creditors, and other resource providers of the parent. Significantly, consolidated financial statements often represent the only means of obtaining a clear picture of the total resources of the combined entity that are under the control of the parent company. While consolidated financial statements are useful, some information is lost any time data sets are aggregated; this is

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...ASC 810-10 ASC 810-10 (pre-Codification FIN 46(R), Consolidation of Variable Interest Entities) further interprets how to apply the controlling financial interest criterion. This model is known as the “variable interest model” and entities subject to this model are referred to as “variable interest entities” (VIEs). VIEs include entities that have been referred to as special-purpose entities, as well as other entities that are structured in such a way that (a) the equity investment at risk is not sufficient to permit the entity to finance itself or (b) the equity investors at risk as a group lack decision-making powers (or non-substantive voting rights), do not absorb the expected losses, or do not receive the expected residual returns. Prior to consolidating an entity under the voting control model, a company must first look to ASC 810-10 to determine whether the entity is a VIE that should be evaluated for consolidation under the VIE model. As a result, every entity should be carefully analyzed to determine whether it is a VIE or a VOE in order to determine the appropriate model for evaluating which party may have the controlling financial interest. ASC 946 FASB AS Update 2009-16 FASB AS Update 2009-17 IFRS 10, Consolidated Financial Statements IFRS 10 establishes a single control model which applies to all entities and will require management to exercise significant judgment to determine which entities are controlled, and therefore are required to be consolidated...

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Filtering and Frequency

...Content This chapter is concerned primarily with helping the reader develop a basic understanding of the Fourier transform and the frequency domain, and how they apply to image enhancement. Background Introduction to the Fourier Transform and the Frequency Domain DFT Smoothing Frequency-Domain Filters Sharpening Frequency-Domain Filters 4.1 Background • Any function that periodically repeats itself can be expressed as the sum of sines and/or cosines of different frequencies, each multiplied by a different coefficient (Fourier series). • Even functions that are not periodic (but whose area under the curve is finite) can be expressed as the integral of sines and/or cosines multiplied by a weighting function (Fourier transform). • The advent of digital computation and the “discovery” of fast Fourier Transform (FFT) algorithm in the late 1950s revolutionized the field of signal processing, and allowed for the first time practical processing and meaningful interpretation of a host of signals of exceptional human and industrial importance. • The frequency domain refers to the plane of the two dimensional discrete Fourier transform of an image. • The purpose of the Fourier transform is to represent a signal as a linear combination of sinusoidal signals of various frequencies. = Any function that periodically repeats itself can be expressed as a sum of sines and cosines of different frequencies each multiplied by a different coefficient – a Fourier series 4.2 Introduction...

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