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.
FASB issues ASU for joint venture formations
The ASU requires a JV formation transaction to be measured at fair value.
Handbook: Business combinations
Latest edition: Our in-depth guide to accounting for acquisitions of businesses, updated for recent application issues.
Handbook: Equity method of accounting
Latest edition: We explain the equity method of accounting in detail, providing examples and analysis.
Handbook: Fair value measurement
Latest edition: Applying fair value measurement and disclosure guidance under US GAAP and IFRS® Accounting Standards.
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