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Research the FASB and related positions after 2007. Two new FASB statements (141R and 160) were issued in 2007 and are now incorporated in ASC 805 and 810. You are aware that these two new statements require consolidated financial statements.
Your supervisor is in need of guidance on what constitutes “consolidated financial statements.” Write a short memo to your supervisor explaining the meaning of consolidated financial statements. Specifically, you should include a definition from the FASB’s Master Glossary. Briefly outline the year-end steps to comply with the new FASB statements.