At its meeting on May 24, 2023, the AcSB continued its discussion of stakeholder feedback from outreach activities on its Exposure Draft, “Improvements to Accounting for Common Control Combinations." The Board also discussed feedback from its Private Enterprise Advisory Committee on the Board’s tentative decisions at its March 2023 meeting. In response to this feedback, the AcSB tentatively decided to amend the definition of “business combination” in Section 1582, Business Combinations, to include transactions meeting criteria in Related Party Transactions, paragraph 3840.44(a) to clarify that all of Section 1582 applies to these transactions; revise the amendments to clarify that the choice to retrospectively restate comparatives in paragraph 3840.44(b) is available on a transaction-by-transaction basis; revise the amendments to retain the current text in paragraph 3840.44(b) when the restatement option is chosen, while providing an option to account for the transaction prospectively from the point of the transaction; and not allow an option to apply the amendments retrospectively to transactions prior to the effective date. The AcSB will continue its deliberations at its June 2023 meeting. The Board plans to issue the amendments in September 2023.

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