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FASB proposes update to accounting for the formation of a joint venture

On October 27, the FASB issued an exposure draft of a proposal that would address the accounting for the formation of a joint venture. Currently, there is no authoritative guidance within US GAAP on how a joint venture should recognize and initially measure assets contributed and liabilities assumed. To reduce diversity in practice, the proposed update would require a joint venture to initially measure all of the contributions received upon its formation at fair value (with certain exceptions that are consistent with the business combinations guidance). Comments on the proposal are due by December 27.
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