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The amendments in this Update clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses.
The amendments in this Update provide a screen to determine when a set is not a business.  If the screen is not met, it (1) requires that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) removes the evaluation of whether a market participant could replace the missing elements.
This Update is the final version of Proposed Accounting Standards Update 2015-330 BusinessCombinations (Topic 805)- Clarifying The Definition of a Business, which has been deleted.
Accounting Standards Update No. 2017-01
Issued: January 5, 2017
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