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
