| Variable Interest Annuities [CLO: 3] |
Read Chapter 3 of your course text-Christensen, T.E., Cottrell, D.M., & Budd, C.J.H. (2019). Advanced financial accounting (12th ed). McGraw-Hill Education.
Review McGraw Hill Education. (2019). Chapter 3: The reporting entity and consolidation of less-than-wholly-owned subsidiaries with no differential [PowerPoint slides].
Variable Interest Annuities (VIE’s) have gained wide attention due to the company Enron. Based on this week’s reading and PowerPoint:
- Explain what VIE’s are and what part did VIE’s play in the collapse of Enron?
- Does the Walt Disney Company have any VIE’s? Who are they, where are they located and how does the company account for the VIE’s?
- Review the following company VIE’s and comment on the accounting application of the entity:
- General Electric
- ConAgra Foods
- Time Warner
- Allegheny Energy
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