United States of America

C. Richard Baker, Donna Rapaccioli and Morton B. Solomon

Chapter Chapter 33 in Transnational Accounting, 1995, pp 3097-3164 from Palgrave Macmillan

Abstract: Abstract Group accounting in the United States evolved in a manner which differed from the way it evolved in European and other countries. In the first place, there is no such term as ‘group’ accounting in the United States. The comparable term to group accounting in the US is ‘consolidation’ accounting. Related topics to consolidation accounting include: Accounting for business combinations. Accounting for intangible assets. Equity method of accounting for investment in common stock. Foreign currency translation. Therefore, when we refer to consolidation accounting and related topics, it should be understood that we are referring to group accounting. Secondly, there are relatively few official accounting pronouncements dealing with consolidation accounting and related topics in US Generally Accepted Accounting Principles (GAAP) (see Table I.1 for a list of official accounting pronouncements dealing with consolidation accounting and related topics under GAAP). Thirdly, consolidation accounting and related topics has been a fairly settled matter in the US for some time. Accounting Research Bulletin (ARB) No. 51, which is the primary official pronouncement dealing with consolidation accounting, was issued in 1959. Furthermore, an examination of the topics of research articles appearing in The Accounting Review, which is the most important accounting research journal in North America, reveals that since 1990 there have been only two articles out of over two hundred which dealt with consolidation accounting and related topics.

Keywords: Parent Company; Foreign Subsidiary; Generally Accept Account Principle; Financial Account Standard Board; Group Account (search for similar items in EconPapers)
Date: 1995
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DOI: 10.1007/978-1-349-13233-1_33

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