ASC 805

ASC 805, formerly SFAS 141R, effective for fiscal years on or after December 15, 2008, provides the financial reporting requirements necessary for a business combination. ASC 805 requires an acquirer to recognize the assets acquired, the liabilities assumed, and any noncontrolling interest in the acquirer at the acquisition date, measured at their fair values as of that date. Financial reporting requirements dictate the purchase price of the target must be allocated to the acquired identifiable tangible and intangible assets of the target. Appendix A of ASC 805 includes intangible assets that are technology-based, marketing related, customer related, artistic related and contract-based.