Asked by Chyniquia Johnson on Jun 18, 2024
Verified
Outline how NCI will be disclosed in the consolidated statement of financial position,
statement of comprehensive income and statement of changes in equity.
NCI
Non-controlling interest, a portion of the equity in a subsidiary not attributable, directly or indirectly, to the parent company.
Consolidated Statement
Financial statements that represent the combined financials of a parent company and its subsidiaries, showing the total of assets, liabilities, and equities.
Financial Position
A snapshot of what a company owns and owes, represented on the balance sheet, including assets, liabilities, and equity at a specific point in time.
- Explore the disclosure requirements for NCI in consolidated financial statements.
Verified Answer
- Statement of financial position-within equity separately from owners of parent
- Statement of comprehensive income-NCI in profit or loss for period and NCI in total comprehensive income,both on the face of the statement
- Statement of changes in equity-disclosure of NCI in total comprehensive income.
Learning Objectives
- Explore the disclosure requirements for NCI in consolidated financial statements.
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