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The International
Accounting Standards Board and the Financial Accounting
Standards Board each published an exposure draft containing
joint proposals to improve and align the accounting
for business combinations |
... The International Accounting Standards Board and the Financial
Accounting Standards Board each published an exposure draft
containing joint proposals to improve and align the accounting
for business combinations. |
The objective of the project is
to develop a single standard for business combination accounting
that can be used for both domestic and cross-border financial
reporting. The proposed standard would replace the existing
requirements of IASB's IFRS 3 Business Combinations and FASB's
Statement No. 141, Business Combinations IASB and FASB also
published exposure drafts that propose that noncontrolling
interests be classified as equity within the consolidated
financial statements and that acquisitions of noncontrolling
interests be accounted for as equity transactions. The comment
period for the exposure drafts ends Oct. 28. To read the full
text of FASB's exposure draft on business combinations, go
to www.fasb,org/draft/ed business combinations_replacement_of_fas141.pdf.
To read the full text of FASB's exposure draft on noncontrolling
interests, go to www.fasb.org/draft/ed_noncontrolling_interests.
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