Related Party Combinations – AcSB

Date recorded:

At its meeting on September 14-15, 2022, the AcSB discussed this project which proposes revisiting the requirements in Section 3840, Related Party Transactions, paragraph 3840.44(b), to retroactively restate comparatives and removing the reference to the “exchange amount” in paragraph 3840.44(a) to clarify that business combinations under common control should be accounted for using Section 1582, Business Combinations. The Board expects to issue an Exposure Draft on November 1, 2022, with a 90-day comment period. The AcSB also approved its communications and outreach plan for the Exposure Draft and will begin stakeholder consultations following the issuance of the proposals.

Review the Executive Summary on the AcSB's Web site.

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