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Calculation of Non-controlling Interest in Consolidated Financials

According to Financial Accounting Standards Board (FASB), there is a specified way in which the non-controlling interest (minority interest) should be reported in the consolidated financial statements. These details are provided in accounting rules SFAS 141(R) and SFAS 160. According to the new rules, all assets and liabilities of the acquired company must be recognized

Financial Reporting Standard-setting Bodies and Regulatory Authorities

Before we delve into the details, it’s important to understand the difference between the Standards-setting bodies and the regulatory bodies. The standard-setting bodies are private sector organizations, consisting of experienced accountants, auditors, and academicians, who are responsible for setting the financial reporting standards. However, they don’t have the power to enforce these standards. It’s the