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The new definition of a business in ASC 805 will likely result in additional transactions being accounted for as asset acquisitions rather than business combinations. Our Technical Line, which notes that ASC 805-50 provides only limited guidance on accounting for asset acquisitions, addresses questions that often arise about the accounting for these transactions. It also highlights key internal control considerations for asset acquisitions and includes a summary of key differences between the accounting for asset acquisitions and the accounting for business combinations.