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FASB improves accounting for JV formations

10.11.2023 | Duration: 12:45

乐鱼（Leyu）体育官网 professionals discuss recent updates to ASC 805 for joint venture formations.

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Podcast overview

Members of the 乐鱼（Leyu）体育官网 Department of Professional Practice discuss the latest FASB amendment requiring a joint venture to recognize and initially measure its assets and liabilities using a new basis of accounting upon formation.聽

Applicability

  • All entities

Relevant dates

  • FASB issued ASU 2023-05: August 23, 2023聽聽

Podcast contents

  • 0:20聽鈥� Introduction
  • 0:55聽鈥� Background of the joint venture project
  • 3:00聽鈥� Types of joint ventures in scope
  • 4:25聽鈥� Overview of ASU 2023-05
  • 5:35聽鈥� Recognition of goodwill
  • 6:25聽鈥� Additional ASC 805 considerations upon JV formation
  • 10:15聽鈥� Disclosure requirements, effective date, and transition
  • 11:45聽鈥� Closing

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FASB issues ASU for joint venture formations

The ASU requires a JV formation transaction to be measured at fair value.

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Webcast Replay Webcast Upcoming Listen Now From The Web

Handbook: Business combinations

Latest edition: Our in-depth guide to accounting for acquisitions of businesses, updated for recent application issues.

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Webcast Replay Webcast Upcoming Listen Now From The Web

Handbook: Equity method of accounting

Latest edition: We explain the equity method of accounting in detail, providing examples and analysis.

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Webcast Replay Webcast Upcoming Listen Now From The Web

Handbook: Fair value measurement

Latest edition: Applying fair value measurement and disclosure guidance under US GAAP and IFRS庐 Accounting Standards.

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Meet our team

Image of Nick Burgmeier
Nick Burgmeier
Partner, Dept. of Professional Practice, 乐鱼（Leyu）体育官网 US
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Image of Landon Smith
Landon Smith
Managing Director, Dept. of Professional Practice, 乐鱼（Leyu）体育官网 US
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Image of Nick Burgmeier
Nick Burgmeier
Partner, Dept. of Professional Practice, 乐鱼（Leyu）体育官网 US
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Image of Landon Smith
Landon Smith
Managing Director, Dept. of Professional Practice, 乐鱼（Leyu）体育官网 US
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