Accounting for Business Combinations: The FASB Acts
On June 27, 2001, the Financial Accounting Standards Board (FASB) took
long awaited action upon its 1999 and 2001 Business Combinations and
Intangible Assets exposure drafts. Statement 141, Business
Combinations, and Statement 142, Goodwill and Other Intangible Assets,
were released in late July 2001. With certain limited
exceptions,Statement 141 will generally apply to all business
combinations initiated after June 30, 2001, and Statement 142 will
apply to fiscal years beginning after December 15, 2001.Click on the
PDF link to see the full text.
