FASB Amends Guidance for Recognizing Lawsuits and Other Contingencies Acquired in M&A Deals

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On April 1, 2009, the FASB, in response to various comments, amended its guidance for recognizing contingent assets acquired and liabilities assumed in M&A deals. The revised rule, known as FSP (for “FASB Staff Position”) FAS 141R-1, amends Statement of Financial Accounting Standards No. 141R, Business Combinations (“FAS 141R”), promulgated in December 2007 to address a number of accounting issues in connection with M&A transactions.[1] FAS 141R otherwise continues in effect as previously promulgated.

Please see full update for more information.

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