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Was a Business Acquired? Updates to the Definition of a Business
Posted by Peter Gold on Mon, Jun 25, 2018 @ 06:15 PM

Recently, the Financial Accounting Standards Board (FASB) released guidance clarifying the definition of a business. Accounting standards update (ASU) 2017-01, Business Combinations (Topic 805) Clarifying the Definition (ASU 2017-01) seeks to narrow the circumstances where a set of assets and activities qualifies as a business. The changes are anticipated to result in more transactions being accounted for as asset acquisitions instead of business combinations.

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Topics: FASB, Financial Accounting Standards Board, definition of a business, Peter Gold

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