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FAF concludes post-implementation review of Statement 160

  • FAF document Image

May 21, 2015

The FAF has issued its post-implementation review (PIR) report on FASB Statement No. 160, “Noncontrolling Interests in Consolidated Financial Statements.” Statement 160, which was issued in 2007, was subsequently codified in FASB Accounting Standards Codification Topic 810, “Consolidation.”

The report concludes that Statement 160 is generally useful to investors and fulfills its purpose. For example, the Statement:

  • Eliminates “the diversity associated with reporting noncontrolling interests in the financial statements.”
  • Increases “the relevance of reported financial information on noncontrolling interests.”
  • Converges the guidance on noncontrolling interests with that in the IASB’s IAS 27, Consolidated and Separate Financial Statements.

The FAF did not make any major standard-setting recommendations to the FASB after performing the PIR of Statement 160.

For more information, see the press release, PIR, and FASB response letter on the FAF’s Web site.

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