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Are there asset acqusition concepts

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With the adoption of ASC 842 our acquired properties are considered asset acquisitions instead of business combinations; however there are no asset acquisition concepts, axis, members. Should I be using business combinations or create extensions?

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  • Mike Davis

    Hi Matt!

    Thanks for the question. I just checked with our Professional Services experts and they can confirm, you'll need to create an extension in this scenario.

    Holler if you have any further questions or need anything else. All the best and happy tagging! Cheers 🥂

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  • Mike Davis

    Quick follow-up here Matthew Simmons.

    The FASB actually has elements related to asset acquisitions in their proposal for changes to the 2021 US GAAP Taxonomy. While the changes are still proposed and not final, this could give a guide as to the naming convention and approach the FASB is going for when creating extensions now and standards that could be used once a filer moves in to the 2021 taxonomy next year.
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