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Parent-Only Financial Statements and FIN 46R

This week the Private Company Financial Reporting Committee [PCFRC] issued its second recommendation letter to the FASB associated with implementation issues related to FIN 46R. At the core of the recommendation of the PCFRC is that stand-alone parent-only financial statements should be “allowed” as GAAP-based statements so that there is no need to spell-out GAAP departures in these statements, and the reports that are issued on those statements.