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| American Journal of Business Education |
| Year: 2008 |
Quarter: 4 | Volume: 1 |
Number: 2 |
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Revised Accounting For Business Combinations
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Arlette C. Wilson, Auburn University, USA
Kimberly Key, Auburn University, USA
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| Abstract |
The Financial Accounting Standards Board (FASB) has recently issued Statement of Financial Accounting Standards No. 141 (Revised 2007) Business Combinations. The object of this Statement is to improve the relevance, representational faithfulness, and comparability of reported information about a business combination and its effects. This Statement replaces FASB Statement No. 141, but retains the fundamental requirements that the acquisition method of accounting (previously called the purchase method) be used for all business combinations. Some of the changes related to the accounting for business combinations as a result of the new requirements are discussed and illustrated below. |
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| (Clute Institute for Academic Research article #: 1064) |
