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hello and welcome to this session this is professor forhat in this session we would look at change in reporting entity this topic is part of accounting changes which we were discussing such as change in accounting principle which we handled retrospectively change in accounting estimate which we handle prospectively so basically i want to make sure at this point you know what retrospectively is prospectively if not please view the prior recording now what do we mean by change in reporting entity well we have to go back and review few terms to be familiar with this concept remember if one company owns stocks ownership in another company if they own between zero to twenty percent of the stock of the other company we consider this ownership as passive you have no saying in the company therefore you would handle the investment using whats called the fair value sometimes they call it cost cost or fair value means the same thing it means you would adjust your stocks you adjust your vested in