Gaap consolidating joint ventures

It focuses on controlling financial interests achieved by means other than voting.Where there is no voting interest, a company’s exposure to the assets’ risks and rewards represent the best evidence of control.The practical result of the new rules is that many reporting entities are adding significant assets and liabilities to their balance sheets.mong myriad accounting problems that led to the downfall of Enron was its use of variable interest entities (VIEs), allowing it to leave significant amounts of debt off its balance sheet.When a company holds a majority of variable interests in another entity, it is considered the primary beneficiary and must consolidate that entity into its financial statements.The equity at risk should be sufficient for the VIE to finance its activities without additional support.A VIE’S PRIMARY BENEFICIARY TYPICALLY IS ABLE to make decisions about the entity and share in profits and losses.In response to widespread concerns about this business practice, FASB issued Interpretation no.

46 in January 2003 and a revised version in December 2003 to help companies decide whether to consolidate VIEs into their financial statements.A VIE MUST BE CONSOLIDATED INTO THE FINANCIAL statements of the primary beneficiary company when it does not have enough equity at risk or its equity investors lack any of three characteristics of controlling financial interest.


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