Please explain tutor Explain the concept of non-controlling interests in financialreporting. How do non-controlling interests affect acompany's consolidated financial statements?

To answer this question, we must consider the structure of a company and its ownership. When one…

Answered: Explain the concept of non-controlling…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter18: Corporations: Organization And Capital Structure

Section: Chapter Questions

Problem 14DQ

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Answer this theoretical Question of financial accounting
Explain why it is important for entities to understand the impact of the classification of a financial instrument as debt or equity in the financial statements
(TCO D) How is a noncontrolling interest in the net income of an entity reported in the income statement?
Is there a consequence for reported profit or loss if a particular financial instrument, for example, a preference share, is designated as debt rather than equity? Explain the consequence.
Which statement is incorrect regarding classification of financial assets? a. An entity can classify financial assets that meet the amortized cost criteria as at FVPL if doing so eliminates or reduces an accounting mismatch. B. In order to be classified at fair value through OCI, a debt instrument needs to have either simple principal and interest cash flows or be held in a business model in which both holding and selling financial assets are integral to meeting management’s objectives. C. An investment in equity instrument may not be classified as financial asset subsequently measured at amortized cost. D. Reclassifications of financial assets are only permitted on the change of an entity’s business model and are expected to occur only infrequently.
What is meant by the term “underlying” as it relates toderivative financial instruments?
How does the concept of fair value accounting influence the valuation of assets and liabilities on a company's balance sheet, and what are the advantages and disadvantages of using fair value accounting in financial reporting?
While putting the value or price of an entity in financial records the lowest price is recorded not the current price or current market value. This is known as [A] Business Entity Concept [B] Conservatism [C] Expenditure Concept [D] Money Measurment Concept
Which of the following statements is incorrect? Earnings and profits are conceptually similar to retained earnings. A distribution from earnings and profits in excess of stockholder basis is a nontaxable return of capital. A distribution of appreciated property creates a gain to the corporation. Distributions paid in excess of earnings and profits are nontaxable to the extent of stockholder basis.
Which of the following is not a category of financial assets under GAM? Group of answer choices A.Held to maturity investments B.Available for sale financial assets C.Financial asset at fair value through other comprehensive income D.Loans and receivable
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Which of the following accounting methods is used to account for controlling interest investments? A. cost method B. discounted cash flow method C. consolidation method D. acquisition metho

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Explain the concept of non-controlling interests in financial reporting. How do non-controlling interests affect a company's consolidated financial statements?