The Financial Accounting Standards Board (FASB) has released the Business Combinations Topic to the FASB Accounting Standards Codification™ for the verification phase.

"The addition of the Business Combinations Topic is yet another step in the evolution of the Codification, which, when approved in April 2009, will become the single source of authoritative U.S. GAAP," states Tom Hoey, project director for the FASB Codification project. "During the current verification period, constituents are encouraged to provide their input on whether the Business Combinations Topic and all other Codification content accurately reflect U.S. GAAP."

The Business Combinations Topic integrates various standards, including FASB Statement No. 141(R) Business Combinations.  Register at http://asc.fasb.org to access and review the online Codification, free of charge. Constituents have the chance to become acquainted with the Codification’s new structure and provide the FASB with feedback regarding any content issues before it becomes authoritative on January 15, 2009 (read more here).