nancial reporting developments publication is PRIMARILY designed to help you understand financial reporting issues related to the accounting for noncontrolling interests. This publication also includes guidance on CONSOLIDATION procedure and the presentation of combined, parent-only, and consolidating financial statements. The publication reflects our current understanding of the relevant guidance in these areas based on our experience with financial statement preparers and related discussions with the FASB and SEC staffs. The accounting for noncontrolling interests is based on the single economic ENTITY concept of consolidated financial statements. Under the single economic entity concept, all residual economic interest holders in an entity have an equity interest in the consolidated entity. Therefore, a noncontrolling interest is required to be displayed in the consolidated statement of financial position as a separate component of equity. Likewise, the consolidated net income or loss and comprehensive income or loss attributable to both controlling and noncontrolling interests is separately presented on the consolidated statement of comprehensive income. Consistent with the single economic entity concept, after control is OBTAINED, increases or decreases in ownership interests that do not result in a loss of control should be accounted for as equity transactions. However, changes in ownership interests that result in a loss of control of a subsidiary or group of assets generally result in the recognition of a gain or loss recognition upon deconsolidation. The decrease in ownership guidance generally does not APPLY to transactions involving non-businesses, in-substance real estate or oil and gas mineral rights conveyances.