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The Financial Accounting Standards Board (FASB) recently gave private companies long-awaited relief from one of the most complicated aspects of financial reporting — consolidation of variable interest entities (VIEs). Here are the details. Old rules Accounting Standards Codification (ASC) Topic 810, Consolidation, was designed to prevent companies...

Defining “ultrahigh net worth” as more than $30 million, the Hong Kong area leads the world, with a wealthy population more than 10,000. New York (more than 8,800) and Tokyo (more than 6,700) are next. Other U.S. cities in the top 10 are Los Angeles...