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Summary of FASB Statement No. 160 Summer I 2009

Summary of FASB Statement No. 160 Summer I 2009 - interest...

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Accounting 401 Summary of FASB Statement No. 160 – Noncontrolling interests in Consolidated Financial Statements – an amendment of ARB No. 51 Summer I 2009 1. This statement changes or improves the reporting of the noncontrolled interest or what we are referring to as Minority Interest. 2. The statement requires that Minority Interest be included in shareholders’ equity, separate from the parent’s shareholders’ equity. 3. The amount of consolidated net income, attributable to the parent and to the Minority Interest must be presented on the face of the consolidated income statement. 4. There must be a consistent accounting for changes in the parent’s ownership
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Unformatted text preview: interest. 5. Sufficient disclosures that clearly identify and distinguish between the interest of the parent and the Minority Interest is required. 6. This FASB Statement applies to all entities that prepare consolidated financial statements, with the exception of not-for-profit organizations. Not-for-profit organizations should continue to refer to ARB No. 51 for guidance associated with their issues. 7. Only those entities with a noncontrolling interest in one or more subsidiaries will be affected by this pronouncement. The above information was paraphrased from FASB Statement No. 160....
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