Section 1601 - Consolidated Financial Statements & Section 1602 - Non-controlling Interests

Scope

Section 1601 applies to:

• Consolidation accounting following a business combination that involves a purchase of an equity interest by one company in another.
• The guidance in this Section can also be used in situations involving a combination or consolidation other than through purchase of an equity interest or involving unincorporated businesses.

Section 1602 sets out:

• Standards for accounting for a non-controlling interest in a subsidiary in consolidated financial statements subsequent to a business combination.

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