The Financial Accounting Standards Board (FASB) is seeking feedback on how to improve accounting for intangibles. Stakeholders have until May 30, 2025, to share their thoughts.
•📂 What's On the Table: Accounting for acquired and internally developed intangibles
•📝 Your Input: Feedback on the need for changes in GAAP for intangibles
•🌐 Where to Comment: Submit your responses at www.fasb.org
🧠 What's the Big Deal?
The Financial Accounting Standards Board (FASB) is diving into the murky waters of intangibles. They've put out an Invitation to Comment (ITC), giving you the chance to voice your opinion on whether they should launch a project to revamp how intangibles are accounted for and disclosed. We're talking about everything from internally developed software to customer lists acquired in mergers.
🕵️ What Are Intangibles Anyway?
Intangibles can be a bit like trying to catch smoke with your hands. They’re assets you can't touch but still hold value. Think patents, trademarks, and goodwill. The FASB wants to know if there's a pressing need to update the generally accepted accounting principles (GAAP) around these elusive assets. Essentially, they’re asking, is it time for a change?
🧐 What Do They Want to Know?
The FASB is looking for insights on a few key points:
Is there a widespread need to improve GAAP for intangibles?
Which intangibles should they focus on?
What solutions should they consider?
Should different rules apply depending on how the intangible was acquired?
What info do investors need about intangibles to make smart decisions?
Your feedback could shape the future of intangibles accounting, so it's time to speak up!
📣 How to Get Involved
Ready to share your thoughts? Head over to FASB's website for all the details on how to submit your comments. The deadline is May 30, 2025, so don't let this chance slip by. Whether you're an investor, accountant, or just a finance enthusiast, your input matters!
