FASB issues exposure draft on acquisitions

Bank News, June, 2002 by Anonymous

An exposure draft has been issued by the Financial Accounting Standards Board (FASB) - Acquisitions of Certain Financial Institutions - that amends two existing accounting standards and an Interpretation to increase consistency of financial reporting. The proposed change would require that all financial institution acquisitions, except for those between two or more mutual enterprises, be accounted for under Statements No. 141, Business Combinations, and 142, Goodwill and Other Intangible Assets.

The Exposure Draft would amend Statement No. 72, Accounting for Certain Acquisitions of Banking or Thrift Institutions, and Interpretation No. 9, Applying APB Opinions No. 16 and 17 When a Savings and Loan Association or a Similar Institution Is Acquired in a Business Combination, to...

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