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

December 01, 2014

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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