The Financial Accounting Standards Board (FASB) announced request for comment on proposed GAAP Taxonomy Improvements for the following Accounting Standards Updates:
- Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (Release Notes). The change aims to update accounting guidance to better align with how software is developed. The comment period ends January 27, 2025.
- Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (Release Notes). The change was issued to improve comparability between transactions that involve VIEs and those that do not. The comment period ends December 16, 2024.
Send comments to xbrled@fasb.org or written comments to “Chief of Taxonomy Development, FASB 801 Main Avenue, P.O. Box 5116, Norwalk, CT 06856-5116.” Refer to the File Reference Numbers noted above.
Read the FASB announcement: FASB Staff Issues Proposed GAAP Taxonomy Improvements for Proposed Updates on Internal-Use Software and Accounting Acquirer in Acquisition of a VIE (October 30 2024)
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