Canada must produce a Canwest balance sheet that is in compliance with FAB160
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The public company Canwest, being taken private, and is debt free, with cash in the bank: yet does not have to produce a balance sheet that is shows all of Canwest shareholders cash, as the balance sheet is consolidated and not independent of Goldman Sach's company.
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Canwest Atlantis put as a liability out, when Goldman Sach's equity written up into balance sheet, as put liability equity is that equity: Canada must produce a Canwest balance sheet that is in compliance with FAB160.
http://www.canwestglobal.com/investors/investor_documents/F10/q2/CMI_FS_Q2_2010_FINAL.pdf
Canwest auditors response:
Business Combinations and Non-Controlling Interests
The AcSB issued CICA Handbook Section 1582, "Business Combinations" and entities adopting CICA 1582 will also be required to adopt CICA Handbook Sections 1601, "Consolidated Financial Statements”, and 1602, "Non-Controlling Interests". These sections replace the former CICA Handbook Sections 1581, "Business Combinations" and 1600, "Consolidated FinancialStatements" and establish a new section for accounting for a non-controlling interest in a subsidiary. CICA 1582 will require additional use of fair value measurements, recognition of additional assets and liabilities and increased disclosure.
[Company taken private before standard demanded so okay to not disclose minority equity statement: FRAUD]
CICA 1601 and 1602 will require a change in the measurement of non-controlling interest and will require the change to be presented as part of shareholders’ equity. These standards will become effective for business combinations for which the acquisition date is on or after September 1, 2011. The Company is currently considering the impacts of the adoption of such standard.
