By Cydney Posner

Today the SEC's Office of Chief Accountant released Staff Accounting Bulletin No. 112, which amends or rescinds portions of previous interpretive guidance to make it consistent with current authoritative accounting and auditing guidance and SEC rules and regulations. Specifically, the SAB addresses FAS 141(R ), relating to business combinations (e.g., provision that acquisition-related costs be accounted for as expenses in the period in which the costs are incurred and services are received, except for costs incurred to issue debt or equity securities, which are recognized in accordance with other applicable provisions of GAAP), and FAS 160, relating to noncontrolling interests in consolidated financial statements.

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