Guidance to improve financial reporting of acquisitions of nonfinancial assets.

• Position: FASB NEWS - Brief article

The FASB also issued a proposed ASU intended to clarify the definition of a business, with the objective of adding guidance to assist organizations with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses.

The guidance in this proposed ASU provides a more robust framework for determining when a set of assets and activities is a business. The framework would provide more consistency in the...