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Financial ReportingIncreasingly, accounting authorities like the Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC) are requiring financial statements that provide more disclosure and that report assets at fair market value rather than cost. To address those issues, in June 2001 the FASB issued two important standards - Statement of Financial Accounting Standards No. (SFAS) 141 (business combinations) and SFAS No. 142 (goodwill and other intangibles). |
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