Meaning and consolidation
Non-controlling interest represents the rights of a subsidiary’s owners that are not held by the parent company. Control can lead to consolidation of the entire subsidiary even when the parent does not own all of its shares. IFRS 10 defines control as the basis for consolidation; therefore, the group’s full result does not always belong to the parent company’s shareholders.[100](#source-cv-ifrs10)
If a valuation includes all operating assets of a subsidiary, the transition to the parent company’s equity requires the claims of other owners to be identified consistently. In the conditional example, an estimated non-controlling interest of 30 million roubles reduces the amount attributable to the parent company’s owners by that amount.[98](#source-cv-equity-bridge)
Limits of interpretation
Do not treat a balance-sheet line as a market valuation without explanation, or deduct the interest twice if the underlying cash flows have already been limited to the parent’s rights. Clarify the perimeter, valuation method and date. The term does not mean any small shareholding: here it refers to a specific relationship within a consolidated group and the corresponding rights to its results. Related reading: [market capitalization and multiples](/guides/market-cap-and-multiples/) and [balance sheet](/guides/balance-sheet/).