More NewsFASB Issues Statements on Business Combinations and Non-controlling Interests

FASB Issues Statements on Business Combinations and Non-controlling Interests

The Financial Accounting Standards Board (FASB) has issued FASB Statements No. 141, Business Combinations (Revised 2007) and No. 160, Non-controlling Interests in Consolidated Financial Statements. Effective for fiscal years beginning after 15 December 2008, the standards are designed to improve, simplify, and converge internationally the accounting for business combinations and the reporting of non-controlling interests in consolidated financial statements. SFAS 141(R) aims to improve reporting by creating greater consistency in the accounting and financial reporting of business combinations. It will also reduce the complexity of existing GAAP. SFAS 160 is designed to improve the relevance, comparability and transparency of financial information provided to investors by requiring all entities to report non-controlling (minority) interests in subsidiaries in the same way as equity in the consolidated financial statements. Moreover, SFAS 160 eliminates the diversity in accounting for transactions between an entity and non-controlling interests that currently exists by requiring they be treated as equity transactions.

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