The Financial Accounting Standards Board (FASB) has issued a revised Statement No. 141, Business Combinations.  This Statement establishes principles and requirements for how the acquirer:

The Statement defines the acquirer as the entity that obtains control of one or more businesses in the business combination and establishes the acquisition date as the date that the acquirer achieves control.  It requires the acquirer to recognize the assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree at the acquisition date, measured at their fair values as of that date, with limited exceptions set out in the Statement.

The Statement is effective for fiscal years beginning after December 15, 2008 (calendar year 2009 and beyond).