1. The objective of this Issue is to clarify the accounting for certain transactions and impairment considerations involving equity method investments. Background All paragraphs in this Issue have equal authority. Paragraphs in bold set out the main principles. 2. The FASB and the IASB concluded a joint effort in converging the accounting for business combinations as well as the accounting and reporting for noncontrolling interests culminating in the issuance of Statement 141(R) and Statement 160. The objective of that joint effort was not to reconsider the accounting for equity method investments; however, the application of the equity method is affected by the accounting Copyright © 2008, Financial Accounting Standards Board Not for redistribution Page 1for business combinations and the accounting for consolidated subsidiaries, which were affected by the issuance of Statement 141(R) and Statement 160. Scop
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