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FASB, SEC Give New Options on Pushdown Accounting

Tammy Whitehouse | November 20, 2014

With mergers and acquisitions on the rebound in 2014, the Financial Accounting Standards Board and the Securities and Exchange Commission have given companies some new options about how to reflect a change in control in financial statements. 

FASB issued Accounting Standards Update No. 2014-07 to provide an option around the application of “pushdown accounting,” which occurs when an acquired business adopts the new parent company’s basis of accounting in preparing its financial statements. At the same time, staff at the Securities and Exchange Commission released new guidance in Staff Accounting Bulletin No. 115 to rescind portions of its interpretative guidance to make SEC guidance consistent with the new FASB pronouncement.

FASB’s new rule, recommended by its Emerging Issues Task...

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