The best replacement for equity method is cost method.

The best alternatives to equity method are rated as following:
★★★★★  cost method
★★★★★  consolidation
★★  fair value method
★★  proportionate consolidation
★★  initial value method
★  acquisition method
★  fair value
★  purchase method
★  cost method of accounting
★  fair value option
★  consolidated method
★  equity method
★  partial equity method
  consolidation method
  available for sale
  cost
  minority interest
  proportionate

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Speaking about equity method, one probably shouldn't forget about consolidation.

Other search terms related to equity method and their ratings are:
★★★★★ consolidation
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equity method
cost method
consolidation