IASB, FASB issue joint proposals on business combinations.

• Position: Accounting & auditing news

The International Accounting Standards Board and the Financial Accounting Standards Board have each published an exposure draft containing joint proposals to improve and align the accounting for business combinations. The proposals include a draft standard that the boards 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...