Financial Reporting


  FASB revised FASB Statement no. 141 (revised 2007), Business Combinations, to address application issues raised by preparers, auditors, and people in the legal profession on initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in a business combination. The application concerns included disclosing potentially prejudicial information in financial statements and determining the acquisition-date fair value of a litigation-related contingency.

 

FASB on April 1 issued amendments and clarifications to the business combinations standard in the form of FASB Staff Position (FSP) 141(R)-1, Accounting for Assets Acquired and Liabilities Assumed in a Business Combination That Arise from Contingencies. The FSP, available at tinyurl.com/d6fdld, is effective for assets or liabilities arising from contingencies in business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after Dec. 15, 2008.

 

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States look to unclaimed property for revenue

This free report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.

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Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.