The Objectives of FASB 141R (Business Combinations) and FASB 160

question 24

Multiple Choice

The objectives of FASB 141R (Business Combinations) and FASB 160 (Noncontrolling Interests in Consolidated Financial Statements) are as follows:

• A)to improve the relevance, comparability, and transparency of financial information related to business combinations.
• B)to eliminate the amortization of Goodwill.
• C)to facilitate the convergence project of the FASB and the International Accounting Standards Board.
• D)a and b only

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Definitions:

Decent Housing

Housing that meets a minimum standard of quality, safety, and affordability, ensuring a dignified living environment.

Pooling Resources

The act of combining financial, physical, or other types of assets from multiple sources or individuals for common use or benefit.

Divorce Rates

The proportion of marriages that end in divorce within a specific time period or demographic.

World War II

A global conflict that lasted from 1939 to 1945, involving most of the world's nations and marked by significant battles, genocide, and the first use of nuclear weapons.