Under SFAS 141R, there will be greater time pressure. SFAS 141 allowed a company one year to complete its purchase accounting.
Perhaps the most significant difference in approach relates to the way in which contingent liabilities assumed in a business combination are reported.
One of the most controversial parts of SFAS 141(R) deals with accounting for contingent assets/liabilities.
The challenge in arriving at fair value is often one of balancing current market conditions with appropriate assumptions.
In the original Practice Aid, there was no mention of the back-solve approach. Since then the technique has come into widespread use.