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. The proposal is intended to help entities analyze when a set of transferred assets and activities (set) is a business.

The FASB is responding to concerns raised by constituents that the current definition of a business is too broad and can be challenging to apply in practice.Under the proposal, an entity would first determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets.

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