The Financial Accounting Standards Board voted Wednesday to finalize an accounting and financial reporting standard aimed at increasing transparency and consistency of financial reporting about consolidation.

The accounting standards update would affect all public and private companies that apply “variable interest entity” guidance, along with limited partnerships and similar legal organizations such as limited liability corporations. In March, FASB issued guidance for private companies reporting on consolidation of variable interest entities (see FASB Eases Variable Interest Entity Requirements for Private Companies). The new accounting standards update applies to both public and private companies.

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