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Until 2001, accounting requirements for business combinations recognized both the pooling and purchase methods of accounting for business combinations. In August 1999, the FASB issued a report supporting its proposed decision to eliminate pooling. Principal reasons cited included the following: ■ ■ ■ Pooling provides less relevant information to statement users. Pooling ignores economic value exchanged in the transaction and makes subsequent performance evaluation impossible. Comparing firms using the alternative methods is difficult for investors.

Construction permits # e. Franchise agreements # f. Operating and broadcast rights # g. Servicing contracts such as mortgage servicing contracts # h. Employment contracts # i. Use rights such as drilling, water, air, timber cutting, and route authorities # Technology-Based Intangible Assets a. Patented technology # b. Computer software and mask works # c. Unpatented technology * d. [12] COST AND FAIR VALUE COMPARED After assigning fair values to all identifiable assets acquired and liabilities assumed, we compare the investment cost with the total fair value of identifiable assets less liabilities.

For example, Company D, a newly formed corporation, may acquire the net assets of Companies E and F by issuing stock directly to Companies E and F. In this case, Companies E and F may continue to hold Company D stock for the benefit of their stockholders (an acquisition), or they may distribute the Company D stock to their stockholders and go out of existence (a consolidation). In either case, Company D acquires ownership of the assets of Companies E and F. Alternatively, Company D could issue its stock directly to the stockholders of Companies E and F in exchange for a majority of their shares.

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