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May 31, 2013

FASB responds to review of statement 141R

The US Financial Accounting Standards Board (FASB) has issued its response to the Financial Accounting Foundation’s (FAF) Post-Implementation Review (PIR) of FASB Statement No. 141 (revised 2007), Business Combinations (Statement 141(R).

In its response, the FASB acknowledged the PIR findings that some participants expressed difficulty in applying the definition of business, accounting for purchases loans and separately reporting some intangibles and goodwill.

The Board said it would consider the PIR’s findings in relation to other projects that are currently underway.

The FASB also acknowledged the PIR findings related to the cost and complexity of applying the fair value measurement guidance in FASB Statement No. 157, Fair Value Measurements to certain types of assets and liabilities acquired in a business combination.

The board said it would review the findings of FAF’s upcoming PIR on Statement No. 157, and will coordinate with the International Accounting Standards Board once the review of IFRS 3 is complete before deciding whether to undertake any standard-setting action.

Related articleFAF releases review of statement 141r

Related LinksThe Financial Accounting Standards Board

Financial Accounting Foundation

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