CPE Session 32: Sunday, August 3, 1:00 PM – 4:00 PM

Accounting for Business Combinations

(Accounting – Intermediate)

Description/Objectives:
The long awaited issuance of phase 2 of the FASB and IASB business combination project has arrived. FAS 141[R], Business Combinations and FAS 160, Accounting and Reporting for Noncontrolling Interests in Consolidated Financial Statements will dramatically change the way that companies account for business combinations.

The principal change is the adoption of the "acquisition methodology" for in accounting for transactions that qualify as a business combination. Also, the definition of a business has been redefined, from EITF 99-3, "Determining Whether a NonMonetary Transaction Involves Receipt of Productive Assets or of a Business" which will expand the types of transactions qualifying for Business Combinations.

The purpose of the workshop will be to provide an overveiw of the new accounting standards with an emphasis on changes to existing practice. The presentation will emphasize lecture/discussion along with Accounting firm guidance as to how companies will implement the new standard in 2009.

Presenter:
Frank Beil, University of Minnesota

Note: CPE fields of study are in parentheses