FASB Votes to Eliminate Development Stage Entities

The Financial Accounting Standards Board (FASB) decided in a recent meeting to remove the guidance under Accounting Standards Codification Topic 915 (ASC 915) Development Stage Entities.

The FASB proposed the removal of the development stage entity guidance because of concerns that the information provided was not useful for financial statement users and was too costly and complex to apply.

Mayer Hoffman McCann’s Professional Standards Group will continue to monitor progress on the issuance of the final ASU.

Learn more about the decision in the latest issue of the MHM Messenger.

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