The FASB issued two new pronouncements in December of $2007$ that significantly impact the accounting for business combinations in the U$.$S$.$ SFAS $141$R supersedes SFAS $141$ and requires the Acquisition Method be used in place of the Purchase Method for new acquisitions in reporting periods beginning on or after December $31,2008($fiscal year $2009$ for most companies$).$ SFAS $160$ replaces Accounting Research Bulletin $($ARB$)51$ and requires the use of the economic entity approach to recognizing the noncontrolling interest in the financial statements for less$-$than$-$wholly owned subsidiaries.

The full text of both of these pronouncements is available on the FASB website. You are required to research SFAS $141$R and SFAS $160,$ using these and any other appropriate resources $($scholarly or professional journals$),$ and prepare a research report.

Tasks:

From the perspective of the hypothetical business combination of Roberts and William and based upon the work you have done to date, you are required to assess and determine the impact upon the consolidation of these two companies of these new pronouncements.

Your analysis should include both an executive summary of the changes and, importantly, a critique of how these changes in practice will improve financial reporting and why.