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January 2016 » The Continuing Evolution of Accounting...
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James M. Fornaro, DPS, CPA, CMA, CFE, and Cary D. Lange, PhD, CPA, and Peter D. Lucido, JD, LLM
In BriefIn 2014, FASB issued Accounting Standards Update 2014-18, Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination, a consensus of the Private Company Council. It enables private companies to use an accounting alternative that allows them to cease recognizing certain customer-related intangibles and noncompetition agreements separately from goodwill in a business combination and other specific transactions. This discussion examines the current accounting requirements for recognizing identifiable intangible assets acquired in a business combination and explores the accounting alternative available to private companies. Furthermore, it illustrates the application of the relevant provisions of the update and provides practical considerations for private company management when deciding whether to adopt this approach.
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