The International Accounting Standards Board has decided to postpone the effective date of its new accounting standard for business combinations until July 1, 2009.
The standard was originally slated to go into effect Jan. 1, 2009. The IASB has been working with the Financial Accounting Standards Board on the revised standard, but FASB's standard is still slated to take effect on Dec. 15, 2008.
The Financial Accounting Standards Board has also proposed a FASB Staff Position that would delay the effective date of AICPA Statement of Position 07-1, "Clarification of the Scope of the Audit and Accounting Guide Investment Companies, and Accounting by Parent Companies and Equity-Method Investors for Investments in Investment Companies."
The proposed FSP would amend Paragraph 56 of SOP 07-1 to delay indefinitely the effective date of the statement of position and prohibit adoption of the SOP for an entity that has not made an early adoption of the SOP before FASB issues the final FSP.
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