Consolidated Financial Statements

Free CPA FAR (Financial Accounting & Reporting) lesson in Financial Reporting. 27 min read, ~4,024 words.

Consolidate when the parent has control: 50% voting interest under ASC 810, or primary beneficiary of a VIE. Acquisition method (ASC 805): on the acquisition date, recognize identifiable net assets at fair value (not book carrying amount), NCI at fair value (full goodwill) or proportional share (partial goodwill). Goodwill =...