On August 23, 2023, the FASB issued Accounting Standards Update (ASU) 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement. ASU 2023-05 addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. Contributions within the scope of the ASU include all contributions made to a joint venture upon formation, regardless of whether they are monetary or nonmonetary. The amendments in ASU 2023-05 do not amend the definition of
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CPEA alert: ASU 2023-05
Aug 31, 2023 · 216.1 KB Download
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Download the CPEA alert: FASB ASU 2023-05 - Accounting for Formation of a Joint Venture
File name: cpea-alert-asu-2023-05.pdf
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