New Standards on TechniScan, Inc., Reporting

The introduction of FAS 141(R) focused on improving all reporting procedures by enhancing greater consistency in financial reporting and accounting processes of all business combinations, thus resulting in more comparable, complete as well as relevant information deemed useful for investors and other final users of the firm’s financial statements (Deitrick, 2010). TechniScan, Inc., which is a product of business combination procedure, ought to fully adhere to new standards by recognizing all acquired assets and liabilities associated with the….

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