Rounding up recent accounting developments

Description

Abstract: Keeping up with changing accounting standards is critical to every public company’s well-being. That’s why you need to consider two recent developments affecting pushdown accounting and extraordinary items. Pushdown accounting refers to the practice of adjusting an acquired company’s standalone financial statements to reflect the acquirer’s accounting basis rather than the target’s historical costs. This article discusses when it might be appropriate and describes FASB’s elimination of the concept of “extraordinary items” from GAAP.