Deloitte
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2016

February 24, 2016 — Definition of a Business — FASB Makes Tentative Decisions Related to Accounting for Partial Sales of Nonfinancial Assets

Definition of a Business —FASB Makes Tentative Decisions Related to Accounting for Partial Sales of Nonfinancial Assets

Accounting Journal Entry
February 24, 2016 — Last week, the FASB continued to deliberate phase 2 of its project on the definition of a business, including clarifying the scope of ASC 610-201 and accounting for partial sales of nonfinancial assets. Specifically, the Board made tentative decisions about (1) undivided interests, (2) the unit of account and the entity that “holds” the nonfinancial asset, and (3) transition.

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