After the dust settles on an M&A deal, the acquiring entity always has some housekeeping to do in terms of accounting and financial reporting. Business combination accounting in accordance with ASC Topic 805, as well as subsequent accounting in accordance with ASC Topic 350 and ASC Topic 360, continue to be challenging areas for companies and auditors alike.
The Public Company Accounting Oversight Board (PCAOB) recently released a Staff Inspection Brief that previews their observations with respect to audit inspections conducted in 2015. Among the preliminary inspection findings summarized in the PCAOB release, accounting for M&A transactions features prominently.
The PCAOB cited …read more
Read more here:: Beyond The Numbers