WetWind Alternatives Corp (WWA) produces electrical power through option methods such as wave and wind turbines and owns two subsidiaries, Kahuku Wind Inc. and North Shore Say Electric Incorporation. (NS Wave), on the north shore of Oahu, HI THERE to utilize the time of this geographic location inside their business venture. Deloitte's Case 13-06 – " Natural Irony: Accounting Concerns When There is also a Natural Disaster”, discusses a hypothetical situation where a scenic eruption causes massive harm to the subsidiaries' operational resources and creates the question showing how to properly record these occurrences in financial transactions. The main concern is that Kahuku Wind and NW Wave's fiscal yr end can be October thirty first so that WWA can have complete monetary information for their December 31st consolidated monetary statements. If the natural disaster were to happen in mid-December, WWA would have to analyze what steps must be taken to develop accurate and non-misleading financials by sticking with accounting standards.
First let's talk about whether it is suitable for WWA to include the subsidiaries' October 31st financial information on their December 31st statements, regardless of the theoretical event. In respect to ASC-810-10-45-12, subsidiary information can be consolidated with mother or father information in case the difference in reporting period is less than three months. WWA's auditors still wonder if more on time information can be acquired although the March 31st details is in complying. If WWA were to replace the subsidiaries' fiscal year end it would have to apply all of the changes retrospectively with respect of FAS 145, given there is no reason it is impractical to do so. However, given Kahuku Wind and NS Wind's limited accounting personnel and resources, this could violate the fee constraint to get WWA and make editing and enhancing the money year end impractical. To offset this kind of inability to improve dates, WWA should consider putting certain policies into effect to...
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