Intangibles accounting for US after global body’s relocation.

TLDR:

Key points in the article:

• US accounting standard-setters considering formal rules on intangible assets
• FASB to release invitation to comment by year’s end

Intangibles Accounting to Get US Look After Global Body’s Move

US accounting standard-setters are contemplating the creation of formal accounting rules on intangible assets like brand names, trade secrets, and intellectual property. The Financial Accounting Standards Board (FASB) will seek public feedback by the end of the year on whether to address this topic and which approaches to consider. This initiative follows a similar effort by the international counterpart based in London.

During a financial reporting conference at Baruch College in New York, FASB Chair Richard Jones announced the upcoming invitation for comments on intangibles accounting. This move reflects the changing dynamics in the economy and the need for updated accounting standards to address intangible assets.

Stay tuned for more developments on this significant topic in the accounting world.