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.
Alcorn became the leader of the scalawags, who composed about a third of the Republicans in the state, in coalition with carpetbaggers and freedmen. Elected governor by the Republicans in 1869, he served from 1870 to 1871. As a modernizer he appointed many like-minded former Whigs, even if they were Democrats.