The new definition of a business has generally resulted in more transactions being accounted for as asset acquisitions rather than business combinations, but oil and gas entities have found this may not always be the case for transactions in their industry. Additionally, entities have found that significant judgment may be required to determine whether a set is a business.
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EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
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This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.
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