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.
Carpetbagger definition, U.S. History. a Northerner who went to the South after the Civil War and became active in Republican politics, especially so as to profiteer from the unsettled social and political conditions of the area during Reconstruction. See more.