New accounting rules for Business Combinations (141R) and Noncontrolling Interests (160) March 2008 John Lathrop, Partner 1000 Walnut Street, Suite 1000 Kansas City, MO 64106 816-802-5882 [email protected]
1000 Walnut Street, Suite 1000
Kansas City, MO 64106
John has 26 years of public accounting experience. He has extensive experience in providing audit and process review services for utility/energy companies. Since 2003 John has served as lead engagement partner for four SEC registrants including two investor owned utilities. John also has significant experience in working with municipal utilities. In addition he has substantial experience in Sarbanes requirements, regulation, IPO’s, registration statements and business combinations and international audits. He has testified in regulatory proceedings before the Kansas Corporation Commission.
John graduated from the University of Missouri in Columbia. He is a licensed CPA, as well as a member of the American Institute of Certified Public Accountants and Missouri and Kansas Certified Public Accountants societies. John is a past Advisory Board member for the University of Missouri School of Accounting and is a presenter at various energy & utility industry conferences.
FASB 141R and 160 require most identifiable assets, liabilities, noncontrolling interests, and goodwill acquired in a business combination to be recorded at “full fair value” and require noncontrolling interests (previously referred to as minority interests) to be reported as a component of equity, which changes the accounting for transactions with noncontrolling interest holders.
New statements are effective January 1, 2009 for calendar year ends. Statement 160 will be applied prospectively to all noncontrolling interests, including any that arose before the effective date. Early adoption prohibited.
APB 16 & 17 - 1970
APB 16 & 17 - 1970