Architectural detail of modern sustainable academy building on Groningen Campus, Netherlands in Instagram toning

Technical Line - Applying the definition of a business to oil and gas transactions


Overview

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.

Download PDF