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By Denise Lugo
NORWALK, Conn.--A narrow-scoped accounting provision was issued March 4 by the Financial Accounting Standards Board to resolve diversity in practice for the treatment of business combinations achieved in stages--referred to as step acquisitions--involving a foreign entity.
FASB issued the guidance as ASU No. 2013-05, Foreign Currency Matters (Topic 830), Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets Within a Foreign Entity or of an Investment in a Foreign Entity, a Consensus of the FASB Emerging Issues Task Force.
Some entities view step acquisitions as being composed of two events:
By Denise Lugo
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