The Financial Accounting Standards Board (FASB) has issued FASB Statements No. 141, Business Combinations (Revised 2007) and No. 160, Non-controlling Interests in Consolidated Financial Statements. Effective for fiscal years beginning after 15 December 2008, the standards are designed to improve, simplify, and converge internationally the accounting for business combinations and the reporting of non-controlling interests in consolidated financial statements. SFAS 141(R) aims to improve reporting by creating greater consistency in the accounting and financial reporting of business combinations. It will also reduce the complexity of existing GAAP. SFAS 160 is designed to improve the relevance, comparability and transparency of financial information provided to investors by requiring all entities to report non-controlling (minority) interests in subsidiaries in the same way as equity in the consolidated financial statements. Moreover, SFAS 160 eliminates the diversity in accounting for transactions between an entity and non-controlling interests that currently exists by requiring they be treated as equity transactions.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.