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this is a question about consolidated financial statement.The only underlined part are my questions.
1. Explain the 'Patricks 1997 case' and the authors concerns with respect to that case.Are we expecting too much of consolidated financial statements here that theymust also be useful for employees?
Background of Patricks case
The stevedoring business and assets previously held by the employer entities were transferred to other companies within the Patricks Group, and capital finally all flow to the Parent: Lang Corporation Group. Then the employer entities dismissed workers and left them no compensation to claim, because other Patrick companies were separate entities from their employers. Patrick avoid liability through corporate veil.
2.?Present arguments for the utility of CFS to the following groups.
Shareholders of the ultimate parent entity
Creditors of a subsidiary
Non-controlling interests in subsidiaries
Paper#9256808 | Written in 27-Jul-2016Price : $22