Many types of change of control transactions fall under the umbrella of ASC 805, including an acquisition of more than 50 percent of the assets or equity of an entity, step acquisitions and fresh start reporting for entities emerging from Chapter 11. The financial reporting requirements related to a change in control of a business have long been a challenge for companies’ internal accounting teams, financial sponsors and their trusted outside corporate financial consultants, including external audit teams.
- The transaction elements that should be recognized and measured
- Assets acquired, liabilities assumed, contingent considerations, rollover equity and noncontrolling interests
- The valuation process
- Private company alternatives
- Subsequent measurement of recoverability and impairment
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