In January 2003, the FASB Released Interpretation 46, "Consolidation of Variable

Multiple Choice

In January 2003, the FASB released Interpretation 46, "Consolidation of Variable Interest Entities," which:

A) re-emphasized the need for 50% stock ownership to exert effective control.
B) expanded U.S.GAAP to consider effective control rather than legal control for consolidated financial statements.
C) took a "form-over-substance" approach to define control in determining requirements for consolidated financial statements.
D) defined effective control as ownership of 30% or more of another entity's voting shares.