India ASC 805

[Noorin Sultana]

Hi,

I had a question regarding ASC 805 - business combinations. Under the guidance it is stated that business combinations are now accounted for in the acquisition method of accounting where an acquirer is recognised . Does this mean that pooling of interest method is no longer used while accounting for mergers ?

Would be grateful if i'd get an insight on this.

Thank you !

 

[kirby]

ASC 805 is US GAAP. In 2001, FASB got rid of pooling of interest method.