The next significant changes to UK GAAP brought in by FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, relate to the accounting for business combinations. The language in FRS 102 is a little different from that in current UK GAAR Section 19 is about 'business combinations' (rather than FRS 7, Fair Values in Acquisition Accounting), which includes any bringing together of two or more businesses into one entity.
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