The objectives of FASB 141R (Business Combinations) and FASB 160 (Noncontrolling Interests in Consolidated Financial Statements) are as follows:
A)to improve the relevance, comparability, and transparency of financial information related to business combinations.
B)to eliminate the amortization of Goodwill.
C)to facilitate the convergence project of the FASB and the International Accounting Standards Board.
D)a and b only

Question

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FASB 141R aims to improve the relevance, comparability, and transparency of financial information related to business combinations. FASB 160 aims to eliminate the amortization of Goodwill and improve transparency in the reporting of noncontrolling interests in consolidated financial statements. While convergence with international accounting standards may be a long-term goal, it is not the main objective of these two standards.

The Objectives of FASB 141R (Business Combinations) and FASB 160