How Form 1094 B Entities 2022-2023

Welcome to our podcast on asu number 2015-16 simplifying the accounting for measurement period adjustments in this podcast we will compare the current US GAAP requirements to the amended guidance give you a quick reminder of what the measurement period is and describe the new required disclosures my name is Paul Fahad and joining me in this podcast is Casey miles we are both senior managers in KPMG's department of professional practice in new york thanks for the faz be released this asu in September 2023 as part of its simplification initiative as such the provision of the standard is expected to reduce cost and complexity for reporting entities while maintaining the usefulness of the information to users of the financial statements Paul maybe you could walk us through some of the ways the asu will impact measurement period adjustments sure Casey under current guidance if the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs the acquirer reports in its financial statements provisional amounts for the items in which the accounting is incomplete then during the measurement period when your information is obtained about facts and circumstances that existed as of the acquisition date that if known would have affected the measurement of the amounts initially recognized the acquirer must retrospectively adjust the provisional amounts recognized at the acquisition date to reflect that information with the corresponding adjustment to good well the acquirer also must revise comparative information for prior periods presented in financial statements including making changes to income effects as a result of changes made to provisional amounts to simplify and reduce the accounting for adjustments made to provisional amounts recognized in a business combination the ASU requires the acquirer to recognize measurement period adjustments to...