In December 2007, FASB issued revised FAS 141R, Business Combinations, which supersedes

FAS 141 and applies to business combinations occurring in annual reporting periods beginning on or after Dec. 15, 2008; early adoption is not allowed. For calendar year-end entities, the guidance
becomes effective on Jan. 1, 2009. Treasury & Risk asked Mark Wells, an executive editor with Thomson Reuters' tax and accounting group, about FAS 141R and how it affects merger and
acquisition activities that will be completed in 2009 or later.

T&R. Why did FASB undertake this project?

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