FASB Issues Statements of Financial Accounting Standard No. 141 (revised 2007) and No. 160

On Dec. 4, 2007, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 141 (revised 2007), Business Combinations (FAS 141(R)) and No. 160, Noncontrolling Interests in Consolidated Financial Statements, an amendment of ARB No. 51 (FAS 160).

In this issue of Breaking News, PricewaterhouseCoopers provides details on the standards.

FAS 141(R) and 160 are products of a joint project between the FASB and the International Accounting Standards Board (IASB), which is expected to issue International Financial Reporting Standard 3 (Revised 2007), Business Combinations (IFRS 3R)l, and International Accounting Standard 27 (Revised 2007), Consolidated and Separate Financial Statements (IAS 27R), early in 2008.

These standards are the first in what is expected to be a series of converged standards issued jointly for the global community. With limited exceptions, the principles in each standard are the same.