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Statement No. 44 Accounting for Intangible Assets of Motor Carriers-an amendment of Chapter 5 of ARB No. 43 and an interpretation of APB Opinions 17 and 30 STATUS Issue Date: December 1980 Effective Date: December 19, 1980 for financial statements for fiscal periods ending after December 15, 1980 Affects: Amends ARB 43, Chapter 5, paragraphs 8 and 10 Affected by: Paragraph 6 amended by FAS 96 and FAS 109 Issues Discussed by FASB Emerging Issues Task Force (EITF) Affects: No EITF Issues Interpreted by: No EITF Issues Related Issues: EITF Issue No. 91-9 Abbreviations for Accounting Pronouncements FAS - FASB Statements FIN - FASB Interpretations FTB - FASB Technical Bulletins APB - APB Opinions AIN - AICPA Interpretations ARB - Accounting Research Bulletins CON - FASB Concepts EITF - EITF Issues Q&A - FASB Implementation Guides SUMMARY Enactment of the Motor Carrier Act of 1980, deregulating motor carriers, raises questions regarding whether certain intangible assets of motor carriers should continue to be reported as assets or charged to income. This Statement requires the unamortized costs of motor carrier intangible assets representing interstate rights to transport goods with limited competition to be charged to income and, if material, reported as an extraordinary item. This Statement does not affect the accounting for other intangible assets of motor carriers, such as goodwill. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
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