This issue of Heads Up summarizes the FASB’s recent issuance of Statements No. 141(R), Business Combinations, and No. 160, Noncontrolling Interests in Consolidated Financial Statements. These statements substantially elevate the role played by fair value and dramatically change the accounting for business combinations and noncontrolling interests. Their issuance represents the completion of the second phase of a multiphase project to reconsider the accounting for business combinations and to converge with the upcoming IASB standards.

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