Financial Accounting Standards Board (FASB) ASC 805 - In 2009, the Financial Accounting Standards Board codification project reorganized U.S. Generally Accepted Accounting Principles (GAAP) into the FASB Accounting Standards Codification (ASC). FASB ASC 805 (previously SFAS No. 141R) requires that the accounting for an acquisition must identify the fair values of all assets acquired and liabilities assumed as of the date of the acquisition. Frequently, this requires the independent valuation of the business interest (or assets) acquired, the allocation of the value of the purchase consideration to the identifiable tangible and intangible assets acquired, and to goodwill.

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