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 victor in the end was the Minstrel faction led by carpetbagger Elisha Baxter over the Brindle Tail faction led by Joseph Brooks, which included most of the scalawags. The dispute weakened both factions and the entire Republican Party, enabling the sweeping Democratic victory in the 1874 state elections.