Accounting to Be Clarified on Contract Liabilities in a Business Combination

Thoughtware Article Published: Dec 17, 2020

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On December 15, 2020, FASB issued a proposal that would add guidance in Accounting Standards Codification (ASC) 805, Business Combinations, to require an acquirer to recognize and measure contract assets and liabilities acquired in a business combination in accordance with ASC 606. This article provides details on the proposal.

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