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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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This note was uploaded on 03/08/2012 for the course ACCT 401 taught by Professor Staff during the Summer '08 term at Texas A&M.
- Summer '08