FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments in September 2015 as part of the Board’s Simplification Initiative.
Stakeholders had informed the Board that requirement to retrospectively apply adjustments made to provisional amounts recognized in a business combination added cost and complexity to financial reporting but did not significantly improve the usefulness of the information for users. The requirement to retrospectively account for those adjustments is eliminated by the amendments in this Update.
The amendments in ASU 2015-16 require:
Early application is permitted, so the content will become testable in the April 2016 test window.
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