The International Accounting Standards Board has issued a revised version of its standards for accounting for business combinations such as mergers and acquisitions, in coordination with the Financial Accounting Standards Board, in a move that will highlight the expenses of business combinations that used to be considered assets.

While FASB has not yet issued its own revised standards, they're expected to closely resemble the new ones released by the IASB. The two boards are working together on a convergence process that will ultimately unite International Financial Reporting Standards with U.S. generally accepted accounting principles.

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