EITF Issue No. 04-5
EITF Issue No. 04-5
Issue Summary No. 1, Supplement No. 1, p. 1
FASB Emerging Issues Task Force
Issue No. 04-5
Title:
Investor's Accounting for an Investment in a Limited Partnership When the Investor Is
the Sole General Partner and the Limited Partners Have Certain Rights
Document: Issue Summary No. 1, Supplement No. 1
*
Date Prepared: September 14, 2004
FASB Staff: Larson (ext. 229)/O'Callaghan (ext. 233)
Dates Previously Discussed: June 30–July 1, 2004
Previously Distributed EITF Materials: Issue Summary No. 1, dated June 10, 2004
References
FASB Statement No. 57, Related Party Disclosures (FAS 57)
FASB Statement No. 94, Consolidation of All Majority-Owned Subsidiaries (FAS 94)
FASB Interpretation No. 46 (revised December 2003), Consolidation of Variable Interest
Entities (FIN 46R)
APB Opinion No. 18, The Equity Method of Accounting for Investments in Common Stock (APB
18)
APB Opinion No. 20, Accounting Changes (APB 20)
AICPA Accounting Research Bulletin No. 51, Consolidated Financial Statements (ARB 51)
AICPA Statement of Position 78-9, Accounting for Investments in Real Estate Ventures (SOP
78-9)
*
The alternative views presented in this Issue Summary are for purposes of discussion by
the EITF. No individual views are to be presumed to be acceptable or unacceptable
applications of Generally Accepted Accounting Principles until the Task Force makes such
a determination.
EITF Issue No. 04-5
Issue Summary No. 1, Supplement No. 1, p. 2
EITF Issue No. 96-16, "Investor's Accounting for an Investee When the Investor Has a Majority
of the Voting Interest but the Minority Shareholder or Shareholders Have Certain Approval
or Veto Rights" (Issue 96-16)
EITF Issue No. 98-6, "Investor's Accounting for an Investment in a Limited Partnership When
the Investor Is the Sole General Partner and the Limited Partners Have Certain Approval or
Veto Rights" (Issue 98-6)
EITF Issue No. 04-5
Issue Summary No. 1, Supplement No. 1, p. 3
Background
1. For many years, financia