Glenmark Blades and Propellers has set up special purpose entities to handle its manufacturing. The company does not consolidate those entities. Glenmark is most likely obeying: A) neither the spirit of the law nor the letter of the law. B) the letter of the law but not the spirit of the law. C) the spirit of the law but not the letter of the law.
have seen this in Qbank multiple times - and always gotten it wrong. Law says if it is an SPE - and the risks and rewards are such that SPE bears risk while you bear rewards - you must consolidate. So based on that, and the fact that Glenmark does not consolidate, is it? C) the spirit of the law but not the letter of the law.
Does Letter of Law and Intent of Law sound synonymous
Gotta be B, because they are following the law on paper (creative response), but not the intend of the law (spirit), by working around and cheating.
b correct
^ bostie - this SS is too boring and condensed - Got saturated yest night and dozed off in the middle of it, over it.
haha. At least it is making you sleepy. I need to start reviewing that ASAP. 23 more days!