Summary of FASB-IASB decisions on noncontrolling interests
23 Aug 2004
The IASB and the US FASB are developing common exposure drafts of their proposed standards on accounting for business combinations - phase II.
The EDs will be similar in both wording and style (including the IASB style of highlighting principles in bold type). The expected issuance date of the EDs is now the fourth quarter of 2004. The FASB has posted on its website two summaries of tentative decisions reached. Our news story of 10 August 2004 has a link to a 156-page staff summary of tentative decisions reached relating to purchase method procedures. The FASB has just posted a second decision summary, this one (67 pages) relating to noncontrolling (minority) interests. Because there is no comparable summary on the IASB's website and the Boards are working toward issuing nearly identical standards, the FASB summary should be of interest to those who are following the IASB project as well. Click to Download the FASB Summary (PDF 563k). Among the key conclusions re noncontrolling interests:
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