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805-10-15-4 The guidance in the Business Combinations Topic does not apply to any of the following: [FAS 141(R), paragraph 2, sequence 5.2FAS 164, paragraph 2(b), sequence 2.1.3]

  • a.

    The formation of a joint venture [FAS 141(R), paragraph 2, sequence 6 FAS 164, paragraph 2(b), sequence 2.1.3.1]

  • b.

    The acquisition of an asset or a group of assets that does not constitute a business or a nonprofit activity [FAS 141(R), paragraph 2, sequence 7FAS 164, paragraph 2(b), sequence 2.1.2]

  • c.

    A combination between entities, entities or businesses, or nonprofit activities under common {Glossary link} control {Glossary link - Use definition of control from Subtopics 954-810 and 958-810} (see paragraph 805-50-15-6 for examples) [FAS 141(R), paragraph 2, sequence 8FAS 164, paragraph 2(c), sequence 2.1.3.3]

  • d.

    An acquisition by a not-for-profit entity for which the acquisition date is before December 15, 2009 or a merger of not-for-profit entities (NFPs) A combination between not for profit entities (NFPs) or the acquisition of a for profit business by an NFP.[FAS 141(R), paragraph 2, sequence 9FAS 164, paragraph 92(b), sequence 92.1.2]

  • e.

    A transaction or other event in which an NFP obtains control of a not- for-profit entity but does not consolidate that entity, as permitted or required by Section 958-810-25. The Business Combinations Topic also does not apply if an NFP that obtained control in a transaction or other event in which consolidation was permitted but not required decides in a subsequent annual reporting period to begin consolidating a controlled entity that it initially chose not to consolidate. [FAS 164, paragraph 2(d), sequence 2.1.3.4]

18. Amend follows:

paragraph

805-10-65-1,

with

no

link

to

a

transition

paragraph,

as

805-10-65-1 The Business Combinations Topic in the Accounting Standards Codification is based on FASB StatementStatements No. 141 (Revised 2007), Business Combinations, and No. 164, Not-for-Profit Entities: Mergers and Acquisitions.

  • a.

    FASB Statement No. 141 (Revised 2007) is to be applied prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. Earlier application is prohibited. Assets and liabilities that arose from business combinations whose acquisition dates preceded the application of that Statement shall not be adjusted upon application of that Statement.

  • b.

    For business combinations in which the acquisition date was before the effective date of FASB Statement No. 141 (Revised 2007), the acquirer shall apply the requirements related to accounting for income taxes that were established with the issuance of that Statement, prospectively.

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