By Floyd A. Beams
An in-depth advisor to accounting that displays the main up to date company developments.This entire textbook addresses sensible monetary reporting difficulties whereas reflecting fresh company advancements and adjustments in accounting standards.This version has been rewritten to align with the monetary Accounting criteria Board Accounting criteria Codification.
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Extra resources for Advanced Accounting, 11th Edition
Generally accepted accounting principles (GAAP) generally require recording asset acquisitions at fair values. Further, the FASB believed that the economic notion of a pooling of interests rarely exists in business combinations. More realistically, virtually all combinations are acquisitions, in which one firm gains control over another.  Combinations initiated subsequent to that date must use the acquisition method. Because the new standard prohibited the use of the pooling method only for 5 6 CHAPTER 1 combinations initiated after the issuance of the revised standard, prior combinations accounted for under the pooling of interests method were grandfathered; that is, both the acquisition and pooling methods continue to exist as acceptable financial reporting practices for past business combinations.
The loss amount cannot exceed the carrying amount of the goodwill. Firms cannot reverse previously-recognized impairment losses. Firms should determine the implied fair value of goodwill in the same manner used to originally record the goodwill at the business combination date. Firms allocate the fair value of the reporting unit to all identifiable assets and liabilities as if they purchased the unit on the measurement date. Any excess fair value is the implied fair value of goodwill. Fair value of assets and liabilities is the value at which they could be sold, incurred, or settled in a current arm’s-length transaction.
In practice, this requires the acquirer to estimate the amount of consideration it will be liable for when the contingency is resolved in the future. The contingent consideration can be classified as equity or as a liability. An acquirer may agree to issue additional shares of stock to the acquiree if the acquiree meets an earnings goal in the future. Then, the contingent consideration is in the form of equity. At the date of acquisition, the Investment and Paid-in Capital accounts are increased by the fair value of the contingent consideration.