FASB Statements 141R and 160, KPMG's Defining Issues

This edition of KPMG’s Defining Issues describes new Financial Accounting Standards Board (FASB) FASB Statements 141R and 160, which require most identifiable assets, liabilities, noncontrolling interests and goodwill acquired in a business combination to be recorded at “full fair value” and require noncontrolling interests (previously referred to as minority interests) to be reported as a component of equity.

Both Statements are effective for periods beginning on or after Dec. 15, 2008, and earlier adoption is prohibited.