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Podcast: FASB improves accounting for JV formations

10.11.2023 | Duration: 12:45

KPMG professionals discuss recent updates to ASC 805 for joint venture formations.

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Podcast overview

Members of the KPMG Department of Professional Practice discuss the latest FASB amendment requiring a joint venture to recognize and initially measure its assets and liabilities using a new basis of accounting upon formation. 

Applicability

  • All entities

Relevant dates

  • FASB issued ASU 2023-05: August 23, 2023  

Podcast contents

  • 0:20 – Introduction
  • 0:55 – Background of the joint venture project
  • 3:00 – Types of joint ventures in scope
  • 4:25 – Overview of ASU 2023-05
  • 5:35 – Recognition of goodwill
  • 6:25 – Additional ASC 805 considerations upon JV formation
  • 10:15 – Disclosure requirements, effective date, and transition
  • 11:45 – Closing

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Meet our team

Image of Nick Burgmeier
Nick Burgmeier
Partner, Dept. of Professional Practice, KPMG US
Image of Landon Smith
Landon Smith
Managing Director, Dept. of Professional Practice, KPMG US

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