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FASB Adds Business Mergers Guidance to Codification

Tammy Whitehouse | September 4, 2008

The Financial Accounting Standards Board has added guidance on business combinations to its online codification research tool, which is intended to simplify research of and compliance with U.S. Generally Accepted Accounting Principles.

The codification is intended to serve as a single source for all authoritative GAAP. FASB developed the tool over a period of several years and is giving it a one-year test run to work out glitches. It is available free of charge during the test run, or verification period, via the FASB Website, until the Board completes it in April 2009.

Literature on business combinations initially was omitted from the codification because Financial Accounting Standard No. 141R, Business Combinations, was still in development at the time. The addition of business combinations to the codification integrates a number of standards in addition to FAS 141R, including FAS 109, Accounting for Income Taxes...

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