IRVINE, CA—The Financial Accounting Standards Board hasclarified 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 broadlyinterpreted FASB Statement No. 141(R), Business Combinations(codified in ASC 805).
The clarification will probably result in morecommercial real estate acquisition transactionsbeing accounted for as asset acquisitions ratherthan business combinations, Haskell & Whiteaudit principal Paul Louis, CPA, tellsGlobeSt.com. We spoke with Louis about the ramifications of thisclarification for our industry.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
