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FASB & EITF UPDATE Financial Reporting Update October 21, 2004 - page 38 / 47

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38 / 47

New! EITF Consensus Effective in 2004

Issue 04-1

Consummation of a business combination between two parties that have a preexisting relationship is a multiple element transaction

Consensus provides guidance on accounting for the settlement of the preexisting relationships

Consensus should be applied to

Executory contracts

Reacquired rights

Lawsuits

Disclose the:

Nature of the preexisting relationship

FV of the acquired entity’s assets and liabilities that were settled

Amount of settlement gain or loss

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