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ASU 2015-02, Consolidation (Topic 810) applies to entities in all industries and provides a new scope exception to registered money market funds and similar unregistered money market funds.It ends the deferral granted to investment companies from applying the variable interest entity (VIE) guidance.
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FASB 141 Disclosure Requirements: FASB 141 requires disclosures in the notes of the financial statements when business combinations occur.
Such disclosures are: When a company purchases 20% or less of the outstanding common stock, the purchasing company’s influence over the acquired company is not significant.
In business, consolidation or amalgamation is the merger and acquisition of many smaller companies into much larger ones.
In the context of financial accounting, consolidation refers to the aggregation of financial statements of a group company as consolidated financial statements.
There may be amalgamations, either by transfer of two or more undertakings to a new company, or to the transfer of one or more companies to an existing company".
Consolidation is the practice, in business, of legally combining two or more organizations into a single new one.
To account for this type of investment, the purchasing company uses the equity method.
Under the equity method, the purchaser records its investment at original cost.
Under the cost method, the investment is recorded at cost at the time of purchase.