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How does the FASB define a VIE

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Question - In this chapter, we discuss how Enron and other companies used special-purpose entities (SPEs) to keep the effects of transactions and events off corporate balance sheets. Accounting for SPEs is now guided by the requirements for variable interest entities (VIEs).

How does the FASB define a VIE? In other words, how does an entity qualify to be a VIE?

Is a company that meets the definition of a VIE required to consolidate the VIE?

Reference no: EM133171448

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