Press Room: Article
FAS 141(R) – Impact on the Accounting for Income Taxes
Statement of Financial Accounting Standards No. 141 (revised 2007), Business Combinations, (FAS 141(R)) becomes effective for most organizations with fiscal years beginning during 2009, and significantly changes acquisition accounting and the accounting for income taxes.
The issuance of FAS 141(R) in December 2007 and the issuance of International Financial Reporting Standard 3 (revised 2007), Business Combinations, completed a joint effort by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) to improve financial reporting of business combinations and to further the international convergence of accounting standards.
The objective of FAS 141(R)…