FASB Accounting Standards Update (ASU), Business Combinations (Topic 805) and Consolidations (Topic 810)

Published: Dec 13, 2024

TXCPA’s Professional Standards Committee backs the proposed ASU on internal-use software costs, supporting modernized standards, clearer guidance, simplified disclosures, and flexible adoption to improve transparency and reduce complexity.

    The Texas Society of CPAs' Professional Standards Committee (PSC) has provided feedback on the proposed Accounting Standards Update (ASU) addressing Business Combinations and Consolidations. The PSC supports the amendments, which improve comparability and clarity for transactions involving variable interest entities (VIEs) and suggests expanding the scope to include all acquisitions primarily involving equity exchanges, regardless of whether the legal acquiree meets the definition of a business. 

    Read the full comment letter here. View TXCPA PSC comment letter here.

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