ASPE Snapshot: ASPE 1601 Consolidated Financial Statements and ASPE 1602 Non-controlling Interests

Category: ASPE

ASPE Snapshot: ASPE 1601 Consolidated Financial Statements and ASPE 1602 Non-controlling Interests

Scope

  • ASPE 1601 applies to:
    • Consolidation accounting following a business combination involving a purchase of an equity interest by one entity in another.
    • May also be applied as general guidance for combinations or consolidations achieved other than through purchase of an equity interest or involving unincorporated businesses.
  • ASPE 1602 applies to:
    • Accounting for a non-controlling interest (NCI) in a subsidiary subsequent to a business combination.
  • Related Sections:
    • ASPE 1582 Business Combinations – sets out the basis of accounting for transactions by which subsidiaries are acquired.
    • ASPE 1590/1591 Subsidiaries – describes accounting for subsidiaries in general purpose financial statements (FS).
    • ASPE 3051 Investments – deals with circumstances whereby the equity method of accounting is used.
    • ASPE 3064 Goodwill and Intangible Assets - addresses accounting for goodwill subsequent to a business combination.

ASPE 1601 Consolidated Financial Statements andASPE 1602 Non-controlling Interests

Contact us

Michelle Balmer

Michelle Balmer CPA, CA

Vice President, Assurance

Michelle Balmer, CPA, CA, is a Senior Assurance Services Partner with MNP. With 14 years of experience in public practice, Michelle helps a broad range of public and privately held companies in a variety of industries. She also works on special projects, including costing studies, benchmarking and best-practice studies, operational analyses, litigation support and due diligence.

As a key member of MNP's Assurance team, Michelle has played an instrumental role in assurance policy development, implementing accounting and assurance standards firm-wide and educating assurance practitioners regarding methodologies and new pronouncements. She also provides technical advice and consultation on accounting and assurance issues, as well as on rules of professional conduct issues, to all MNP practitioners.

Michelle was certified a Chartered Accountant (CA) after obtaining a Bachelor of Commerce degree from the University of Alberta. She has been actively involved with the Institute of Chartered Accountants of Alberta, including the Chartered Accountants School of Business, in an instructional and marketing capacity. An avid volunteer, she has assisted numerous groups such as the Easter Seals of Alberta, Paralympic Sports Association and Junior Achievement of Northern Alberta.