Another information-packed session at the CICBV/ASA conference focused on emerging issues at FASB, including an update by Richard Billovits, MBA (PricewaterhouseCoopers) on SFAS 141R. Now in its second phase of re-deliberations, the Board’s continuing objective is to create “one worldwide standard” for business combination accounting, Billovits said. Expect to see a final statement during the second half of 2007—and an effective date applying to annual periods beginning on or after January 1, 2009.

In the meantime, the Board plans to issue an FSP (FASB Staff Position) to clarify the existing guidance regarding fair value measurements in statements 141, 142 and 144. This is according to its latest Technical Plan—October 1, 2006 through March 31, 2007, available by clicking here.