Paul Louis Louis: “Brokers, developers, tenants and landlords will need to be up to speed on the new accounting guidance, mainly for revenue from contracts with customers (codified in ASC 606) and leases (codified in ASC 842).”

IRVINE, CA—The Financial Accounting Standards Board has clarified its more than a decade-old definition of a “business.” The clarification is included in Accounting Standards Update (ASU) 2017-01, which was meant to assist companies in applying the broadly interpreted FASB Statement No. 141(R), Business Combinations (codified in ASC 805).