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

question 13

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) to improve the relevance, comparability, and transparency of financial information related to business combinations and to eliminate the amortization of Goodwill.

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Definitions:

Generativity

A motive or need that can be filled through one’s vocation or avocations, through child rearing, or through community service. It includes productivity and creativity. Generativity also describes people who are contributing members of society.

Earned Secure

An attachment style characterizing adults who in Adult Attachment Interview transcripts reveal experiences of early adversity, describe their painful backgrounds truthfully, acknowledge the stressors their own parents faced, and come to terms with their early experiences. Their children are usually securely attached.

Insecure Attachments

Patterns of attachment in relationships where individuals are unable to form secure and trusting bonds, often resulting from experiences in early childhood.

Early Adversity

Experiencing significant hardship or trauma during the early stages of life, which can have long-term effects on development and well-being.