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[Music] its validation accounting part number two were covering ASC 810 if you did not watch part number one I highly recommend pausing this video go watch part number one then come back to part two so part two were gonna go through a simple example of combining a parent ABC Incorporated and a subsidiary XYZ LLC in this scenario and when we combine them theyre going to be one economic entity reflected in Consolidated financial statements but to get there we need to eliminate the inner company activity this is activity that is happening between ABC Incorporated and XYZ LLC meaning we need to eliminate the intercompany receivable and we need to eliminate the intercompany payable the due to and the due from these entities because when we consolidate them into one economic entity there is no due to and there is no due from theyre one unit and the reason you have it in your company receivable and intercompany payable is these entities are transacting with each other whether theyre sel
