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Standards agency seeks participants for review process

The Financial Accounting Foundation is seeking participants for a review

The Financial Accounting Foundation is seeking assistance in evaluating a recently-implemented accounting standard, Financial Accounting Standards Board Statement No. 141R, Business Combinations.

The FASB statement requires organizations that acquire another business to report the new assets, liabilities and other non-controlling interest at their acquisition date fair values, according to the FAF. Although the standard has been in place since December 15, 2008, the standards bodies are only now soliciting feedback from accountants, auditors, preparers, users and academics who have been affected by it.

“The new standards represent the completion of the FASB’s first major joint project with the International Accounting Standards Board, as well as a significant convergence milestone,” said FASB member G. Michael Crooch at the time of their implementation.

It is unclear how much further the FASB will go in its convergence efforts, after reports emerged from the Securities and Exchange Commission indicated the agency may hold off indefinitely on implementation of International Financial Reporting Standards.

The post-implementation review process is designed to be independent of the implementation process, FAF said. Stakeholders who would like to be considered for the review can register online.