KPMG reports on ASU 2017-01, which revises ASC 805 as part of FASB’s definition of a business project. The ASU sets out a new framework for classifying transactions as acquisitions (disposals) of assets vs. businesses.
Mandatory effective dates and early adoption provisions:
Annual periods – Fiscal years beginning after
Interim periods – In fiscal years beginning after
Dec. 15, 2017
Dec. 15, 2017
Dec. 15, 2018
Dec. 15, 2019
Early adoption allowed?
Yes – immediately for transactions that have not been reported in financial statements that have been issued or made available for issuance.
Handbook: Accounting for business combinations and noncontrolling interests
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