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.
(plural carpetbaggers) ( 1 politics, history, chiefly US) An immigrant from the Northern to the Southern States after the American Civil War of 1861â5, especially one who went South to gain political influence; hence, someone intervening in the politics of an area with which they are thought to have no real connection.