Concerns raised by the Accounting Standards Board on the first-ever accounting standard compiled by both international standards setter IASB and the US equivalent FASB could force the two bodies into overhauling the converged new rule.
The ASB, which is currently in the process of aligning UK standards with IFRS, expressed its reservations over the draft IASB/FASB standard for business combinations – merger and acquisitions – in a consultation document released last week.
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