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What Comes Next for Merger Accounting

Colleen Cunningham | November 27, 2007

Any time now, we are expecting both the Financial Accounting Standards Board and its global counterpart, the International Accounting Standards Board, to issue final standards on accounting for business combinations and non-controlling interests.

These standards are the culmination of a joint project between FASB and IASB, and staffs of both boards have participated on the project team since it was added to their agendas in 2002. In fact, the business combinations project was part of the now-famous Memorandum of Understanding that outlined the “Roadmap of Convergence” between International Financial Reporting Standards and U.S. Generally Accepted Accounting Principles to occur by 2009.

The purpose of the roadmap, as many Compliance Week readers know, is to remove the need for the reconciliation requirement for non-U.S. companies that use IFRS and are registered in the United States...

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