The Financial Accounting Standards Board, which sets rules for U.S. companies' financial statements, and the International Accounting Standards Board, which does the same worldwide, requires companies to prepare consolidated financial statements when they hold a controlling interest -- more than 50 percent ownership -- in other businesses.
Scalawags and Carpetbaggers. Scalawags and Carpetbaggers were derogatory terms used in the aftermath of the Civil War. Scalawags referred to a group of white Republican Southerners who sympathized with the federal Reconstruction effort.
Scalawags were southerners who cooperated with the civilian and military officials during Reconstruction. They would often take advantage of their fellow southerners through corruption and confiscation of property.<br /><br />Scalawags were white southerners who joined the Republican Party after the Civil War.