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journal of Finance and Accountancy Accounting for noncontrolling interests: presenting the newborn standards in the classroom Vincent C. Brenner trilby University Vincent C. Brenner, Jr. Partner, Breakwater Consulting Ann L. Watkins Lamar University Abstract This temper presents a tenet note that may be utilise by expertness teaching accountancy for consolidations. It discusses new and rewrite accounting standards which leave alone result in greater convergence of international standards. The newspaper discusses the conceptual issues involved with tercet alternative approaches (economic unit, proportional, and p arent go with) to conceptualisation of consolidated financial arguings for an acquired company where a noncontrolling interest is present. The conceptual differences between the active (FASB 141) and the new accounting standard (FASB 141R) are discussed as well as differences in the components of the consolidation process. A problem illustration is employ to show the financial statement impact of the two standards. The paper in like manner presents the new revealing requirements infra FASB 160.

Keywords: Consolidations, economic unit concept, noncontrolling interests, FASB 141, FASB 141R, FASB 160 Accounting for noncontrolling interest, Page 1 Journal of Finance and Accountancy Introduction As accounting educators we frequently event situations where we rent to teach newly choose accounting standards that have not yet been incorporated into existing texts. When this occurs we must take aim our own materials that conceptually condone the change and de velop illustrations that luff the student t! hrough the action of the new standard. Unfortunately, many times we are reinventing the wheel because our colleagues at other schools are also developing similar materials. much(prenominal) a situation soon exists with new standards on seam acquisitions that were adopted in celestial latitude of 2007 and became effective in 2009. The new standards make significant changes in how we account for an...If you take to get a full essay, install it on our website: BestEssayCheap.com

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