A long-awaited overhaul of accounting for business combinations and consolidations was recently completed by the Financial Accounting Standards Board.FASB issued a revised version of FAS 141, Business Combinations (FAS 141(R)) and the new FAS 160, Noncontrolling Interests in Consolidated Financial Statements, which is an amendment of ARB No. 51.

The pronouncements represent FASB's continuing efforts with regard to convergence with International Financial Reporting Standards, incorporating fair value into GAAP, and providing greater transparency, relevance and understandability to financial statements.

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