Effectus Group, a Riveron company, comments on FASB’s Proposed Accounting Standards Update – Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software
The comment period for the FASB’s proposed accounting standards update on internal-use software recently closed. In our comment letter, we express our support for the Board’s efforts to modernize the accounting for internal-use software. We, however, explain that a different approach should be taken than the one set forth in the Exposure Draft. We also offer suggestions to improve the clarity of the proposed update in the event the Board proceeds with the proposed amendment.
For further perspective on the proposed accounting standards update, please contact Brian Allen at ballen@effectusgroup.com, Jen Simon at jsimon@effectusgroup.com, Lara Long at lara.long@riveron.com or Patrick Garrett at patrick.garrett@riveron.com.
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