Business Combinations Phase 2
Whilst the Board was provided with a paper giving a preliminary summary of both the IASB and FASB roundtable discussions, this paper was not made available to observers. Further, the Board was not asked to make any decisions.
The first part of the session was dedicated to administrative details. This was primarily on comparing the two roundtable sessions and seeing which one worked best and why.
The remainder of the session was spent reviewing what was said at both the Norwalk and London roundtable meetings. Generally, there was a lack of support for many of the proposals. The main exception to this was financial analysts who, for example, agreed with expensing transaction costs.
It was also noted that it was unlikely that the Board could issue standards before 2007, and therefore that the earliest application date was likely to be in 2008.