ASC

ASC 810-20

Control of Partnerships and Similar Entities

810 Consolidation

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In brief

IntermediateConsolidationTransition and effective datesPresentation

ASC 810-20 formerly provided the consolidation model for limited partnerships and similar entities, addressing when a general partner controls a limited partnership (the "kick-out rights"/substantive participating rights analysis) and must consolidate it. Every paragraph in the subtopic — Sections 05, 15, 25, 45, and 55 — was superseded by ASU 2015-02 (Amendments to the Consolidation Analysis). Limited partnerships and similar entities are now evaluated under the general variable interest entity and voting interest models in Subtopic 810-10 and, for equity method purposes, 323-30.

Key points (6)
  • Every paragraph of ASC 810-20 (05-1 through 05-2, 15-1 through 15-3, 25-1 through 25-21, 45-1, and 55-1 through 55-16) is marked 'Paragraph superseded by Accounting Standards Update No. 2015-02.'
  • Because no substantive guidance remains, ASC 810-20 imposes no current recognition, presentation, or disclosure requirements and cannot be cited as authoritative support.
  • ASU 2015-02 eliminated the separate general-partner consolidation model and folded limited partnerships and similar entities into the single consolidation analysis in Subtopic 810-10.
  • Under current guidance, a reporting entity first applies the variable interest entity model in 810-10 (including the power and economics primary-beneficiary tests) and, only if the entity is not a VIE, the voting interest model.
  • The concepts formerly housed here — kick-out rights and substantive participating rights held by limited partners — survive as defined terms used within the 810-10 analysis.
  • Historical financial statements for periods before adoption of ASU 2015-02 may still reflect conclusions reached under the superseded 810-20 guidance.

For students. This subtopic is an empty shell: knowing it was wholly superseded by ASU 2015-02 is the point. The common mistake is citing the old rule that a general partner is presumed to control a limited partnership; today the partnership must first be run through the VIE analysis in 810-10.

limited partnership consolidationgeneral partner controlkick-out rightssubstantive participating rightsvariable interest entityvoting interest modelsuperseded guidance

Machine-generated study aid for ASC 810-20. Check the source paragraphs below.

810-20-00Status

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810-20-00-1
The following table identifies the changes made to this Subtopic.
Paragraph Action Accounting Standards Update Date
Kick-Out Rights (1st def.) Superseded Accounting Standards Update No. 2015-02 02/18/2015
Kick-Out Rights (2nd def.) Superseded Accounting Standards Update No. 2015-02 02/18/2015
Ordinary Course of Business Superseded Accounting Standards Update No. 2015-02 02/18/2015
Participating Rights (2nd def.) Superseded Accounting Standards Update No. 2015-02 02/18/2015
Protective Rights (2nd def.) Superseded Accounting Standards Update No. 2015-02 02/18/2015
With Cause Superseded Accounting Standards Update No. 2015-02 02/18/2015
Without Cause Superseded Accounting Standards Update No. 2015-02 02/18/2015
810-20-05-1 Superseded Accounting Standards Update No. 2015-02 02/18/2015
810-20-05-2 Superseded Accounting Standards Update No. 2015-02 02/18/2015
810-20-05-2 Amended Accounting Standards Update No. 2009-17 12/23/2009
810-20-15-1 through 15-3
 Superseded Accounting Standards Update No. 2015-02 02/18/2015
810-20-25-1 through 25-21
 Superseded Accounting Standards Update No. 2015-02 02/18/2015
810-20-45-1 Superseded Accounting Standards Update No. 2015-02 02/18/2015
810-20-55-1 through 55-16
 Superseded Accounting Standards Update No. 2015-02 02/18/2015

810-20-05Overview and Background

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810-20-15Scope and Scope Exceptions

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810-20-25Recognition

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810-20-45Other Presentation Matters

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810-20-55Implementation Guidance and Illustrations

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