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Jennifer Louis, President
Jennifer has over 25 years of experience in designing and instructing high-quality training programs in a wide variety of technical and soft skills topics needed for professional and organization.
This instructor has 79 courses »To Access This Course:
The Financial Accounting Standards Board (FASB) recently issued new guidance with Accounting Standards Codification (ASC) Topic 805: Business Combinations that alters the definition of a “business” to assist entities with evaluating when a set of transferred assets and activities is a business. The revised definition should reduce the number of transactions that are accounted for as business combinations, where goodwill and other complex accounting issues come into play. This course will highlight what differentiates a “business” from a “group of assets”, and why it is important from an accounting and financial reporting perspective.
Learning Objectives
- Recognize what characteristics differentiate a “business” from a mere “group of assets”.
- Explore the implications from an accounting and financial reporting perspective between acquiring a “business” compared to a “group of assets”.
- Discover the recent enhancements to defining a “business” in accordance with U.S. generally accepted accounting principles (GAAP) in Accounting Standards Codification (ASC) Topic 805: Business Combinations.
Last updated/reviewed: June 4, 2021
3 Reviews (24 ratings)Reviews
Anonymous
(Project Manager)
The instructor provides a great overview of the main change in ASC 805 related to the ASU that revises the definition of a business. The instructor provides examples that will help accountants apply to their acquisitions.
Anonymous
(Controller)
This course communicates a clear process for distinguishing between an asset purchase, and a business combination - very helpful for accounting professionals.
Anonymous
(Vice President and Corporate Controller)
Good introduction into topic. One Big 4 firm has its own book on it.
Prerequisites
Course Complexity: Intermediate
No advanced preparation or prerequisites are required for this course.
Education Provider Information
Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .