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By Floyd A. Beams

An in-depth advisor to accounting that displays the main up to date company developments.

This finished textbook addresses sensible monetary reporting difficulties whereas reflecting contemporary company advancements and alterations in accounting standards.

This variation has been rewritten to align with the monetary Accounting criteria Board Accounting criteria Codification.

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This business combination is an acquisition, but it is not a merger unless Company B goes out of existence. Alternatively, Company A may purchase the stock of Company B directly from Company B’s stockholders for cash, other assets, or Company A securities. This acquisition will give Company A operating control over Company B’s assets. It will not give Company A legal ownership of the assets unless it acquires all the stock of Company B and elects to dissolve Company B (again, a merger). A consolidation occurs when a new corporation is formed to take over the assets and operations of two or more separate business entities and dissolves the previously separate entities.

Under prior rules, firms treated the acquired entity as a stand-alone reporting entity. GAAP now recognizes that many acquirees are integrated into the operations of the acquirer. GAAP treats goodwill and other intangible assets as assets of the business reporting unit, which is discussed in more detail in a later chapter on segment reporting. A reporting unit is a component of a business for which discrete financial information is available and its operating results are regularly reviewed by management.

R ECOGNIZING AND M EASURING I MPAIRMENT L OSSES The goodwill impairment test is a two-step process. [20] Firms first compare carrying values (book values) to fair values at the business reporting unit level. Carrying value includes the goodwill amount. If fair value is less than the carrying amount, then firms proceed to the second step, measurement of the impairment loss. The second step requires a comparison of the carrying amount of goodwill to its implied fair value. Firms should again make this comparison at the business reporting unit level.

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