Which of the following is not a true statement?
a. Consolidated reporting emerged in the early 1900s in response to the growth of holding companies.
b. Consolidation reporting presumes that the accounting fiction of a group entity is more meaningful than defining the reporting entity in legal terms.
c. There are moves afoot to curtail consolidated reporting.
d. The relevant circumstance in the reporting of intercorporate equity investments centers on the notion of investor control, but, in practice, the magnitude of ownership has been the guiding criterion.
ANSWER: C
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a. True b. False Indicate whether the statement is true or false