KPMG’s in-depth guidance on and interpretation of ASU 2017-01, which revised ASC 805 as part of the FASB’s definition of a business project. KPMG provides examples and analysis on the identification of a transaction as an acquisition of assets or a business combination.
Mandatory effective dates and early adoption provisions:
For public business entities the effective date for annual periods is the fiscal years beginning after Dec. 15, 2017.
For all other entites the effective date for annual periods is the fiscal years beginning after Dec. 15, 2018.
For public business entities the effective date for interim periods is the fiscal years beginning after Dec. 15, 2017.
For all other entites the effective date for interim periods is the fiscal years beginning after Dec. 15, 2019.
Yes.
Handbook: Accounting for business combinations and noncontrolling interests
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