Variable Interest Annuities

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:

  1. Explain what VIE’s are and what part did VIE’s play in the collapse of Enron?
  2. 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?
  3. 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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