Within the ASU guidelines, there are two main thresholds to determine if an entity is a business.
FASB guidance addresses inconsistency and weakness in existing revenue recognition and lease accounting requirements.
Australian financial reporting is based on IFRS. The Australian Accounting Standards Board (AASB) has issued AASB standards mirroring IVS with a few very minor changes.
Determining the fair value of M&E assets for financial reporting purposes should include the consideration of three forms of depreciation: physical, economic and functional.