108 However, in the situation where an accountant is engaged to review the financial statements of a subsidiary, corporate joint venture
, or other entity that is not itself an issuer and the review report and reviewed financial statements are not being filed with the SEC, or another regulatory agency that requires the accountant to prepare the review report in accordance with PCAOB standards, the accountant should perform the review in accordance with SSARSs since the review engagement is not being performed in the context of the issuer meeting its reporting obligations as a result of conditions (a) or (b).
Establishing a minority corporate joint venture
sometimes created FTC problems.
A corporate joint venture
is more complicated, with different tax consequences depending on the percentage of the joint venture owned by U.
In a corporate joint venture
, two or more unrelated corporations establish a new business entity under joint control.
The project is via a 45 year corporate joint venture
with a Government owned coal miner.
Licensed in all states, CMG Mortgage Insurance Company (CMG MI) operates as a corporate joint venture
between CUNA Mutual Investment Corporation and PMI Mortgage Insurance Co.
NASDAQ/NM: STTX) today increased its earnings expectations for the first fiscal quarter ended December 31, 2003, to reflect the impact of higher Company sales and the continued strength of its Mi-Tech Steel corporate joint venture
Condensed Consolidated Statements of Income (In thousands, except per share results) Three Months Ended December 31 (Unaudited) 2001 2000 Sales $ 102,156 $ 112,863 Cost of goods sold 90,673 101,395 Gross profit 11,483 11,468 Selling, general and administrative expenses 7,152 6,975 Equity in net income of unconsolidated corporate joint venture
353 234 Operating income 4,684 4,727 Interest expense, net 1,657 1,888 Income before income taxes 3,027 2,839 Provision for income taxes 1,163 1,057 Net income $ 1,864 $ 1,782 Weighted average number of common shares outstanding-diluted 10,244 10,397 Diluted earnings per common share $ 0.