International convergence on business combinations. By Thayne Forbes

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Business combinations have been one of the most contentious issues in the convergence of accounting standards. But Thayne Forbes, managing director of Intangible Business, finds some progress has been made.

The push to converge International and US accounting standards has seen progress recently for business combinations (the bringing together of separate companies into one reporting entity). Revisions to both the main accounting standards in this area have been issued; the International Accounting Standards Board has issued a revised IFRS 3R and the Financial Accounting Standards Board in the US has issued a revised SFAS 141R.

In fact the original two standards were already pretty similar, as the original IFRS 3 drew heavily on the original SFAS141. It plainly makes sense for consi...

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