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Section 9200: Consolidated Financial Statements
[U.S. GAAP Codification Topic]
810 Consolidation
810-10 Overall
810-20 Control of partnerships and similar entities
810-30 Research and development arrangements
[U.S. GAAP before the Codification]
ARB 51, August 1959, Consolidated Financial Statements
SFAS 94, October 1987, Consolidation of All Majority-owned Subsidiaries, an amendment of ARB No. 51, with related amendments of APB Opinion No. 18 and ARB No. 43, Chapter 12
SFAS 160, December 2007, Noncontrolling Interests in Consolidated Financial Statements, an amendment of ARB No. 51
SFAS 140, September 2000, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, a replacement of FASB Statement of No. 125
FIN 46(R), Revised in December 2003 and amended by SFAS 167 in June 2009
SFAS 166, June 2009, Accounting for Transfers of Financial Assets, an amendment of FASB Statement No. 140
SFAS 167, June 2009, Amendments to FASB Interpretation No. 46(R)
1. Qualifying Special Purpose Entities (QSPE)
(1) Before SFAS 167
--> FIN 46(R) did not apply to QSPE
--> FIN 46(R)-pr 4, QSPEs are not consolidated
(2) SFAS 166 deleted the concept of QSPE from SFAS 140 in June 2009
(3) SFAS 167 amended FIN 46(R) to delete the exception for QSPE in June 2009
2. In December 2007, SFAS 160 amended ARB 51.
3. Noncontrolling interests (NCI) are presented within equity
--> separately from the parent's equity
4. Consolidated net income
--> includes the NCI portion of net income
5. Consolidated comprehensive income
--> includes the NCI portion of comprehensive income
6. Before SFAS 160
--> Minority interest cannot have a deficit balance
--> Excess losses attributable to minority interest
--> are charged to the majority interest
7. After SFAS 160
--> NCI can have a deficit balance
--> All losses attributable to NCI
--> are charged to NCI
8. Variable Interest Entities (VIE)
(1) SFAS 167 amended FIN 46(R) in June 2009
(2) FIN 46(R) revised FIN 46 in December 2003
(3) FIN 46 was issued in January 2003 as an interpretation of ARB 51
9. Determination of VIE
(1) SFAS 167 amended FIN46R-5b(1)
(2) Whether an entity is a VIE may change after SFAS 167
10. Reconsideration of VIE
--> FIN46R-7e was added as an event for reconsideration of VIE
11. Determination of Primary Beneficiary
--> Quantitative approach was deleted
--> "majority" guidance was deleted by amending FIN46R-14
14. Reconsideration of Primary Beneficiary
--> Reassessment is done on an ongoing basis, after SFAS 167
--> FIN46R-15, that listed the events triggering reconsideration, was deleted
15. Troubled debt restructuring
--> Before SFAS 167, troubled debt restructuring was not an event
that triggers the reconsideration of VIE or Primary Beneficiary
--> Such exceptions were deleted by amendments to FIN46R-7 and FIN46R-15
16. Additional disclosures
--> Paragraphs 22A - 22E and 23A were added to FIN46R
--> for additional disclosures
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