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1) "Financial interpretation No.
1) "Financial interpretation No. 46R, "Consolidation of Variable Interest Entities," reference several FASB Concepts Statements in motivating the need to identify and consolidate variable interest entities. FIN 46R also expands the traditional definition of control as provided in Accounting Research Bulletin 51. "Consolidated Financial Statements." Review the Summary to FIN 46R and explain the following.-In what ways do the conclusions in FIN 46R relate to concepts of relevance and reliability?-How do the definitions of assets and liabilities relate to the consolidation of VIEs?-Why is a majority voting interest insufficient evidence of a controlling financial interest in a VIE?" 2) Many companies issue fixed rate foreign currency denominated debt in which the principal and interest payments are made in a foreign currency. There is some question as to whether a foreign currency denominated interest payment should be considered (a) an unrecognized firm commitment that could be designated as a hedged item in a foreign currency fair value hedge or (b) a forecasted transaction that could be designated as the hedged item in a foreign currency cash flow hedge. The FASB's Derivatives Implementation Group (DIG) has addressed many implementation issues including this question. Search the Derivative instruments and Hedging Activities database in the FASB's Financial Accounting Research System (FARS). - Identify the number of the Statement 133 Implementation Issue that provides an answer to this issue. - Summarize the DIG's response with respect to the issue.3) in deliberations prior to the issuance of SFAS 160, "Noncontrolling Interests in Consolidated Financial Statements," the FASB considers three alternatives for displaying the noncontrolling interest in the consolidated statement of financial position. - What were these three alternatives? - What criteria did the FASB use to evaluate the desirability of each alternative? - In what specific ways did FASB Concept Statement 6 affect the FASB's evaluation of these alternatives?