Overview and background to consolidated financial statements
- A thumbnail history leading to current GAAP
- The major differences between the old “purchase” and the new “acquisition” methods
ASC Topic 810 — The comprehensive consolidation model, including VIEs
Scope of ASC Topic 805
- Definition of a “business”
- Definition of “control”
- Identifying a business combination
The Acquisition Method
- Identifying the acquirer (including reverse acquisitions)
- Determining the acquisition date
- Recognizing and measuring identifiable assets acquired and liabilities assumed
- Exceptions to the fair value recognition and fair value measurement principles
- Goodwill, impairment and bargain purchases
Special considerations in applying the acquisition method
- Variable interest entities
- Business combinations achieved in stages
- Push-down accounting
ASC Topic 810 — Noncontrolling interests
Pro forma financial statements and SEC reporting