At the September 16, 2014 meeting of the Private Company Council (PCC), a consensus was reached on the accounting for identifiable intangible assets acquired in connection with a business combination.
The proposal will be discussed by the Financial Accounting Standards Board (FASB) at an upcoming meeting to determine if the proposal will ultimately be endorsed by the FASB for issuance as a final Accounting Standards Update (ASU).
The PCC’s objective in endorsing the proposal is to reduce the cost and complexity for private companies in connection with the accounting for intangible assets acquired in connection with a business combination. The proposal is a result of PCC Issue No. 13-01A “Accounting for Certain Identifiable Intangible Assets in a Business Combination.”
Learn more in this issue of the MHM Messenger from Mayer Hoffman McCann.