The Financial Accounting Standards Board and the International Accounting Standards Board have issued an exposure draft of a proposed new standard on business combinations. If approved, the standard should help facilitate global consistency in accounting for transnational mergers and acquisitions.
"This is the first time FASB and the IASB have developed a joint proposal for a single standard," said FASB project manager Stephanie Tamulis. "A single standard on business combinations will benefit preparers, investors and creditors, because it will improve the comparability of financial information around the world, and simplify the accounting for companies that issue financial statements in accordance with international financial reporting standards and U.S. generally accepted accounting principles, or reconcile from one set of standards to the other."
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