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U.S. GAAP and International Financial Reporting Standards have largely similar guidance for accounting for business combinations. Under...

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Accounting

U.S. GAAP and International Financial Reporting Standards havelargely similar guidance for accounting for business combinations.Under IFRS, the guidance is established in IFRS 3R, BusinessCombinations. One topic on which U.S. and IFRS differ is withrespect to reporting noncontrolling interest for noncontrollinginterest in consolidated financial statements.

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Briefly, i.e. no more than 3 paragraphs, explain the differencebetween IFRS and U.S. GAAP regarding valuation of noncontrollinginterest in a consolidated financial statement.

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Solution IFRS International Financial Reporting Standards International Financial Reporting Standards called IFRS It set the common rules so that the financial statements can be transparent consistent and comparable around the world IFRS are issued by the International Accounting Standards Board they specify how the companies must maintain and report their    See Answer
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