July 9, 2019
The Financial Accounting Standards Board (FASB) today issued an Invitation to Comment (ITC) 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 October 7, 2019.
Private companies and not-for-profit organizations currently have accounting alternatives on this topic. However, in preliminary outreach with public company stakeholders, the FASB staff received mixed feedback on whether the utility of the information currently being provided justifies the cost of providing it. Therefore, the staff is seeking further input from a broader base of stakeholders to inform the Board’s future deliberations.
After receiving comments, the FASB will host a formal roundtable (at a to-be-determined date) to supplement stakeholders’ feedback.