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Deloitte submits FASB agenda request on joint venture formation

Published on: Jun 03, 2019

Deloitte & Touche LLP has sent the FASB an agenda request on joint venture formation: Initial recognition and measurement for nonmonetary assets contributed by venturers within the financial statements of a joint venture.

An excerpt from the agenda request is shown below:

Deloitte & Touche LLP appreciates the opportunity to provide an agenda request to the FASB. We request that the FASB consider an agenda topic that would provide additional guidance in Accounting Standards Codification (ASC) Topic 323, Investments — Equity Method and Joint Ventures, regarding joint venture formations, specifically, the initial recognition and measurement within the financial statements of a joint venture for nonmonetary assets, including nonmonetary assets that meet the definition of a business in accordance with ASC 805, Business Combinations, contributed by venturers.

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