With all the debate over the philosophical usefulness of fair value accounting and its putative role in creating the current economic crisis, it's sometimes forgotten that it still pervades accounting standards. Business Combinations with SFAS 141R, 157 and 160 is a forceful reminder of this, as it offers extremely useful guidance to valuation experts, auditors and financial statement preparers on the new rules for business combination reporting, with a strong focus on the significant role given to fair value.
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