It looks like the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) won’t be issuing their joint statement on Business Combinations: Applying the Acquisition Method and Noncontrolling Interests by late September, as originally planned. (See BVWire™ #57-3.) In July, the IASB published a near-final draft of the converged standard on Business Combinations along with IAS 27, Consolidated and Separate Financial Statements, which included an exposure draft (No. 1205-001) on accounting for noncontrolling interests within consolidated financial statements.
Currently finalizing the requirements for the joint Business Combinations standard, the Boards will release these “as soon as they are available,” according to Thomson Tax & Accounting. IASB plans to adopt the new standard and revised IAS 27 later this fall.
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