The Financial Accounting Standards Board (FASB) recently issued exposure drafts of accounting standards updates designed to reduce the cost and complexity of accounting for intangible assets acquired by private companies in business combinations. A Private Company Council (PCC) advisory group to the FASB has been formed to improve the process of standards setting for private companies. The PCC has already made progress with the FASB's endorsement (December 2013) of goodwill impairment testing changes. In addition to the FASB endorsed simplified goodwill impairment testing rules, the PCC is gaining some traction with the FASB as it relates to potential rules changes in accounting for identifiable intangible assets. In January of 2014, the FASB identified three potential alternatives for the PCC's consideration, the alternatives are as follows:
No change
Some intangibles recognized (goodwill and monetizing intangible assets recognized separately)
No intangibles
Wednesday February 27 2019 | 4:30PM—6:30PM | Durfee Innovation Society | 2470 Collingwood St. | Detroit, MI 48206
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