This is the second part of a two-part article that examines the concepts of consolidation, disclosures and variable interest entities in the development of international accounting standards. Contra the trend of self-regulatory standards, the authors propose that the accountancy profession...

The article is part one of a two part series that explores the difficulties that accountancy professional bodies have in attempting to find standard workable definitions of consolidation in the face of the use and abuse of special purpose vehicles. The questions of legitimacy and legality of...