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IASB and FASB Continue Work on Converged Standards for Business Combinations and Noncontrolling Interests

The latest word from the Financial Accounting Standards Board and the International Accounting Standards Board is that they do not expect to have their converged standards for Business Combinations and Noncontrolling Interests before late September.

In July 2007 the IASB published a near-final draft of the converged standard, Business Combinations. The Board also published a near-final draft of International Accounting Standard (IAS) 27 , Consolidated and Separate Financial Statements, amended to converge with the guidance on accounting for noncontrolling interests in proposed FASB Statement of Financial Accounting Standards (SFAS), Consolidated Financial Statements, Including Accounting and Reporting of Noncontrolling Interests in Subsidiaries ( Exposure Draft No. 1205-001 ).

Currently, the FASB and the IASB are finalizing the requirements for the accounting for business combinations and non-controlling interests, which the boards say they will issue as soon as they are available. The IASB plans to adopt the new business combinations standard and revised IAS 27 this fall.


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