Business Combination vs. Asset Acquisition : How to define a business
In this video we face off between what is a business combination versus a asset acquisition. This can be a tricky first step after acquiring assets and can determine a lot of downstream accounting and valuation work. In this episode we start with the basics of what defines a business in the accounting literature with ASC 805. These are your inputs, process, and outputs.
We also go over a very useful screener that may cause the purchase of a business to not be deemed a business combination. This screener is the substantially all screener. Lastly, we perform an example with Laine's acquisition to walk through how to record the entries for an asset acquisition.
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