Consolidations and Foreign Currency

Ownership of more than 50 percent of the voting shares and significant influence over day-to-day operations

Power to direct the activities that most significantly affect the VIE's economic performance and the obligation to absorb losses or the right to receive benefits that could be significant

Ability to appoint a majority of the board of directors and a contractual right to residual returns

Holding the majority of equity investment at risk and exposure to expected losses that exceed residual equity