This course provides an overview of the similarities and key differences between the business combination standards issued by the FASB (ASC Topic 805) and the IASB (IFRS 3). While these standards are very similar, as is the case with many areas of U.S. GAAP vs. IFRS, there are notable differences that are helpful to understand. Note that this course is not intended to provide an exhaustive discussion of these differences.
Learning Objectives
- List the key steps in the acquisition method for business combinations
- Recognize the applicable U.S. GAAP and IFRS standard with respect to business combinations
- Identify some of the key differences between ASC Topic 805 and IFRS 3
Major Topics
- Determining the acquisition date
- Recognizing and measuring the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree
- Acquisition of contingencies
- Noncontrolling interests
- Recognizing and measuring goodwill or gain from a bargain purchase
- Measurement period adjustments
