FASB Adds "Business Combinations" to Accounting Standards Codification


FASB added the topic “business combinations” to the FASB Accounting Standards Codification. The addition integrates various standards, including FASB Statement no. 141(R), Business Combinations; FASB Statement no. 109, Accounting for Income Taxes; FASB Interpretation no. 48, Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109; and various EITF issues and SEC staff accounting bulletins. FASB included only the post-141(R) standards in the business combinations topic.

The codification is expected to become the single source of authoritative literature in April 2009. During the verification period, which ends Jan. 15, 2009, users are encouraged to provide input on whether the business combinations topic and all other content accurately reflect U.S. GAAP.

Users who register at http://asc.fasb.org can access and review the codification, including the newly added business combinations information, for free. The codification content is not yet approved as authoritative.

SPONSORED REPORT

6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.

PODCAST

How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.