The proposals include a draft standard that the boards have developed in their first major joint project. The objective of the project is to develop a single high quality standard for accounting for business combinations that could be used for both domestic and cross-border financial reporting.
The proposed standard would replace the existing requirements of the IASB’s IFRS 3 Business Combinations and the FASB’s Statement 141 Business Combinations .
Comments were due by 28 October 2005, the comment period is now closed.
View the comment letters on the FASB website.