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A CCO UNTING CON C E P T O F B US INE S S C O M B INA T IO NS GAAP defines the accounting concept of a business combination as: A transaction or other event in which an acquirer obtains control of one or more businesses. [1] Note that the accounting concept of a business combination emphasizes the creation of a single entity and the independence of the combining companies before their union. Although one or Business Combinations more of the companies may lose its separate legal identity, dissolution of the legal entities is not necessary within the accounting concept.

On the other hand, because no new poolings are permitted, this discussion focuses on the acquisition method. More detailed coverage of the pooling of interests method is relegated to Electronic Supplements on the Advanced Accounting Web site. INTERNATIONAL ACCOUNTING Elimination of pooling made GAAP more consistent with international accounting standards. Most major economies prohibit the use of the pooling method to account for business combinations. International Financial Reporting Standards (IFRS) require business combinations to be accounted for using the purchase method, and specifically prohibit the pooling of interests method.

Standards. Mexican companies amortize intangibles over the period benefited, not to exceed 20 years. Negative goodwill from business combinations of Mexican companies is reported as a component of stockholders’ equity and is not amortized. The IASB is successor to the International Accounting Standards Committee (IASC), a privatesector organization formed in 1973 to develop international accounting standards and promote harmonization of accounting standards worldwide. Under current IASB rules, goodwill and other intangible assets having indeterminate lives are no longer amortized but are tested for value impairment.

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