AASB 1 - First-time Adoption of Australian Accounting Standards - May 2009
Non-controlling interestsNon-controlling interests
Start here
Get a plain-English read of Non-controlling interests
Turn the raw legal text into a practical explanation grounded in AASB 1 - First-time Adoption of Australian Accounting Standards - May 2009.
Non-controlling interests
B7 A first-time adopter shall apply the following requirements of AASB 10 prospectively from the date of transition to Australian Accounting Standards:
(a) the requirement in paragraph B94 that total comprehensive income is attributed to the owners of the parent and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance;
(b) the requirements in paragraphs 23 and B96 for accounting for changes in the parent’s ownership interest in a subsidiary that do not result in a loss of control; and
(c) the requirements in paragraphs B97-B99 for accounting for a loss of control over a subsidiary, and the related requirements of paragraph 8A of AASB 5 Non-current Assets Held for Sale and Discontinued Operations.
However, if a first-time adopter elects to apply AASB 3 retrospectively to past business combinations, it shall also apply AASB 10 in accordance with paragraph C1 of this Standard.