Published: March, 2020
As businesses grow and expand into global markets, complicated mergers and acquisitions become everyday occurrences. The increase in merger and acquisition activity brought greater attention to the fact that two transactions that are economically similar may be accounted for differently by companies, and thus, produce dramatically different financial results.
Also, the growing volume of international business combinations heightened the urgency to eliminate cross-border differences in accounting standards for business combinations. There is currently an ongoing project to converge IFRS (International Financial Reporting Standards) with Generally Accepted Accounting Principles (U.S. GAAP). The definition of a business in GAAP is currently identical to the definition in IFRS, however, stakeholders have noted that the definition of a business is generally not applied as broadly in jurisdictions that apply IFRS as in jurisdictions that apply GAAP.
This program reviews the current FASB authoritative guidance dealing with business combinations, including Accounting Standards Update 2017-01, 2018-09, and 2019-06.
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Advisor, Kelen Camehl CPA
Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen has also remained involved in CPA exam content development for nearly 10 years and has authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s "Journal of Accountancy".
Kelen has over 15 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Consultant with HP, Inc. in Dallas, TX. Most recently he was located in Budapest, Hungary on a three-year international assignment and served in the company’s Houston, TX location prior to this assignment. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.
May 25th, 2020