December 4 - Reuters - The Financial Accounting Standards Board, which sets U.S. accounting rules, issued new rules for accounting for business combinations on Tuesday.
The rules, known as FAS 141 and FAS 160, are intended to simplify and converge with international rules on how companies account for mergers, acquisitions, noncontrolling interests and other business combinations in financial statements.
The rules take effect for fiscal years beginning after Dec. 15, 2008, FASB said.
It is the first major joint project that the FASB conducted with its international counterparts at the International Accounting Standards Board. Read More.
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