A parent is required to present consolidated financial statements in which it consolidates its investments in subsidiaries (IRS 10.2(a)). Under which circumstances may a parent NOT present consolidated financial statements.
I. When the parent is itself a wholly-owned subsidiary of another entity, or where the owners of the non-controlling interests unanimously agree that the parent need not present consolidated financial statements.
Il. When the parent's securities are not publically traded.
III. When the parent is not in the process of issuing securities in the public securities markets.
IV. When the immediate or ultimate parent privatize consolidated financial statements so that the parent under discussion need not present consolidated financial statements.
Select onet
O a. Ill & IV O b. I, II & III O c. I&ll
O d. I, IL, III & IV