The Financial Accounting Standards Board has added the topic of business combinations to its accounting standards codification, which aims to organize the thousands of U.S. accounting pronouncements issued by multiple standard-setters into a single authoritative source.
The codification is in the midst of a one-year "verification period" until Jan. 1, 2009, and is scheduled for final approval next April. In the meantime, FASB is inviting comments on whether the business combinations material and the other content in the codification accurately reflect U.S. generally accepted accounting principles.
The business combinations topic 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 decided to include only the post-141(R) standards in the business combinations topic.
For more information, visit http://asc.fasb.org.
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