Business Services Industry
FASB PLANS STRICTER RULE ON MERGER ACCOUNTING.
Business Insurance, May, 1999 by GREENWALD, JUDY
A proposed U.S. accounting change that could take effect in less than two years is expected to slow the pace of merger and acquisition activity in the property/casualty insurance industry. But there could well be heightened M&A activity between now and then as companies rush to complete deals before the regulation takes effect, which could be as early as Jan.
1, 2001. The Norwalk, Conn.-based Financial Accounting Standards Board announced late last month that it plans to eliminate pooling of interests as a method of accounting for mergers. A final standard is expected to be issued in late 2000. Pooling of interest deals are tax-free, all-stock transactions in which the balance sheets of the two merging companies are simply added together. Under the...
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