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December 2021/January 2022 » Asset Acquisition Accounting
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Josef Rashty, CPA, PhD (Candidate)
A business combination is a transaction or event by which an acquirer obtains control of a business (i.e., the acquiree). If the acquisition of an asset or asset group (including liabilities assumed) does not constitute a business, however, the transaction is no longer a business combination and the acquirer accounts for it as an “asset acquisition.” An asset acquisition transaction uses a cost accumulation model, whereas a business combination within the scope of ASC 805, “Business Combinations,” uses a fair value model.
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