# ASC 805-10-S99: Business Combinations — Overall — SEC 99 SEC Materials

Source: FASB Accounting Standards Codification, Basic View

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## ASC 805-10-S99: SEC 99 SEC Materials

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##### [805-10-S99-1](https://asc.understandingaccounting.org/asc/805/10/#805-10-S99-1)

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#### SEC Staff Guidance

##### [805-10-S99-2](https://asc.understandingaccounting.org/asc/805/10/#805-10-S99-2)

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The following is the text of SAB Topic 2.A.8, Business Combinations Prior to an Initial Public Offering.

-   Facts: Two or more businesses combine in a single combination just prior to or contemporaneously with an initial public offering.
    
-   Question: Does the guidance in SAB Topic 5.G apply to business combinations entered into just prior to or contemporaneously with an initial public offering?
    
-   Interpretive Response: No. The guidance in SAB Topic 5.G is intended to address the transfer, just prior to or contemporaneously with an initial public offering, of nonmonetary assets in exchange for a company's stock. The guidance in SAB Topic 5.G is not intended to modify the requirements of FASB ASC Topic 805. Accordingly, the staff believes that the combination of two or more businesses should be accounted for in accordance with FASB ASC Topic 805.

##### [805-10-S99-3](https://asc.understandingaccounting.org/asc/805/10/#805-10-S99-3)

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##### [805-10-S99-4](https://asc.understandingaccounting.org/asc/805/10/#805-10-S99-4)

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##### [805-10-S99-5](https://asc.understandingaccounting.org/asc/805/10/#805-10-S99-5)

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##### [805-10-S99-6](https://asc.understandingaccounting.org/asc/805/10/#805-10-S99-6)

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##### [805-10-S99-7](https://asc.understandingaccounting.org/asc/805/10/#805-10-S99-7)

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##### [805-10-S99-8](https://asc.understandingaccounting.org/asc/805/10/#805-10-S99-8)

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The following is the text of SEC Observer Comment: Accounting by a Joint Venture for Businesses Received at Its Formation.

-   The SEC staff will object to a conclusion that did not result in the application of Topic 805 to transactions in which businesses are contributed to a newly formed, jointly controlled entity if that entity is not a joint venture. The SEC staff also would object to a conclusion that joint control is the only defining characteristic of a joint venture.