Changing Accounting Standards: Monsanto Company
Monsanto Company, a St. Louis–based company, is a leading provider of agricultural products for farmers. It sells seeds, biotechnology trait products, and herbicides worldwide.
Required
a. How did Monsanto Company report its income to noncontrolling (minority) shareholders of consolidated subsidiaries in its 2007 consolidated income statement?
b. How did Monsanto Company report its subsidiary noncontrolling (minority) interest in its 2007 consolidated balance sheet?
c. Comment on Monsanto’s treatment of its subsidiary noncontrolling interest.
d. In 2007, Monsanto had several affiliates that were special-purpose or variable interest entities. What level of ownership did Monsanto have in these entities? Were any of these consolidated?
Why?
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