The balance sheet is one of the most important pieces of financial information issued by a company. It is a snapshot of what a company owns and owes at that point in time. The income statement, in contrast, shows the company's revenues and profits over a certain period.
Variable interest entity. Variable interest entity (VIE) is a term used by the United States Financial Accounting Standards Board (FASB) in FIN 46 to refer to an entity (the investee) in which the investor holds a controlling interest that is not based on the majority of voting rights. It is closely related to the concept of a special purpose entity.
A conflict of interest is a situation in which an individual has competing interests or loyalties. A conflict of interest can exist in many different situations. The easiest way to explain conflict of interest is by using some examples. 1  with a public official whose personal interests conflict with his/her professional position. 2  with a person who has a position of authority in one organization that conflicts with his or her interests in another organization.