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.

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