Question

The teacher asked for an explanation of the objectives of FASB Standard 160.
I need to know where to find this as well.

Answer 1

The Financial Accounting Standards Board (FASB) in December, 2007, adopted Statement No. 160 – Non-controlling Interests in Consolidated Financial Statements, which is amendment for the Statement No. 160 i.e. ARB No. 51. The main objective is to improve the comparability, relevance, and transparency of the financial information that an entity of reporting provides in its consolidated financial statements with an establishment of accounting and reporting standards that need ownership interests in subsidiaries held by parties other than the parent which need to be clearly labeled, identified, and presented in the consolidated financial position statement within equity, however separate from the equity of parent's. The consolidated amount of net income attributable to the parent as well as the non-controlling interest has to be identified clearly and given on the face of the consolidated income statement.