In 2000, the reform of consolidated financial statements changed the income statement section where amortization of goodwill and gains and losses from interest method should be disclosed. The results in this paper show that the reform may improve the value relevance of operating profits and ordinary income. We cannot find the evidence that the reform decreases the relevance of the multi-step earnings. Though we cannot definitively conclude that the reform was the best way for improving the value relevance of earnings, the reform can be positively evaluated. While FASB makes a new proposal that income of economic unit (consolidated group) should be disclosed on the bottom line in the income statement in the U.S, minority interest is disclosed in the section of net wealth on the balance sheet now in Japan. This paper investigates the value relevance of minority interest in the income statement and on the balance sheet on the grounds that both should be treated consistently. Minority interest in the income statement is not necessarily irrelevant. The sum of net income and minority interest is not less relevant than net income alone in current form. We also find the evidence that minority interest on the balance sheet has different information contents from liabilities and owners' equity. However it is not clear how the minority interest is related to the fundamental value of the firm. This paper provides new evidence to the research on the relationship.