New Accounting Rules For Business Combinations Align U.S. Standards More Closely With International Standards


Recently the Financial Accounting Standards Board (FASB) issued revised guidance on accounting for acquisitions under Statement of Financial Accounting Standards No. 141R (Business Combinations). FAS 141R takes effect for financial statement periods beginning after December 15, 2008, so calendar-year companies will be required to implement the new standards beginning in 2009. The new accounting rules will align U.S. accounting practices more closely with international financial reporting standards.

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