At its meeting on March 8-9, 2023, the AcSB discussed stakeholder feedback from its outreach activities on its Exposure Draft. In response to stakeholder comments directly related to the Exposure Draft, the AcSB tentatively decided to: (i) retain the proposal to clarify that all of Section 1582, Business Combinations, applies to combinations accounted for in accordance with Related Party Transactions, paragraph 3840.44(a); (ii) amend the definition of “business combination” in Section 1582 to include transactions accounted for in accordance with paragraph 3840.44(a); (iii) allow the choice of retrospective restatement to be applied on a transaction-by-transaction basis; (iv) retain the proposal to clarify that financial instruments acquired in a common control combination are accounted for in accordance with paragraph 3840.44; and (v) amend Financial Instruments, Paragraph 3856.11 to require subsequent measurement of financial instruments assumed in a transaction accounted for at the carrying amount in accordance with paragraph 3840.44(b), based on the initial measurement in the financial statements of the transferred business. The AcSB will seek the advice of its Private Enterprise Advisory Committee at its May 2023 meeting and continue its deliberations.
Review the Executive Summary on the AcSB's Web site.