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 term carpetbagger was used by opponents of Reconstructionâthe period from 1865 to 1877 when the Southern states that seceded were reorganized as part of the Unionâto describe Northerners who moved to the South after the war, supposedly in an effort to get rich or acquire political power.