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July 9, 2019

FASB seeks stakeholder input on intangibles and goodwill

The US Financial Accounting Standards Board (FASB) has issued an Invitation to Comment seeking stakeholder input on the accounting for certain identifiable intangible assets acquired in a business combination and subsequent accounting for goodwill. Stakeholders are asked to comment on the ITC by 7 October 2019.

Private companies and not-for-profit organizations currently have accounting alternatives on this topic. However, in preliminary outreach with public company stakeholders, FASB staff received mixed feedback on whether the utility of the information currently being provided justifies the cost of providing it. Therefore, FASB is seeking further input from a broader base of stakeholders.

 After receiving comments, FASB will host a formal roundtable  to supplement stakeholders’ feedback.

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