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.
The radical Republican governments in the South attempted to deal constructively with the problems left by the Civil War and the abolition of slavery. Led by so-called carpetbaggers (Northerners who settled in the South) and scalawags (Southern whites in the Republican party) and freedmen, they began to rebuild the Southern economy and society.