X hits on this document

359 views

0 shares

0 downloads

0 comments

82 / 125

31.

Amend paragraph 350-20-25-1, with a link to transition paragraph 350-10-

65-1, as follows:

350-20-25-1 See Subtopic 805-30 for guidance on recognition at acquisition of goodwill acquired in a business combination. See Subtopic 958-805 for guidance on recognition at acquisition of goodwill acquired in an acquisition by a not-for-profit entity.

32. Amend paragraphs 350-30-25-2 through 25-5, with a link to transition paragraph 350-10-65-1, as follows:

350-30-25-2 The cost of a group of assets acquired in a transaction other than a business combination or an acquisition by a not-for-profit entity shall be allocated to the individual assets acquired based on their relative fair values and shall not give rise to goodwill.

350-30-25-3 Costs of internally developing, maintaining, or restoring intangible assets that are not specifically identifiable, that have indeterminate lives, or that are inherent in a continuing business or nonprofit activity and related to an entity as a whole, shall be recognized as an expense when incurred.

350-30-25-4 Intangible assets that are acquired individually or with a group of assets in a transaction other than a business combination or an acquisition by a not-for-profit entity may meet asset recognition criteria in FASB Concepts Statement No. 5, {Processor note: add italics} Recognition and Measurement in Financial Statements of Business EnterprisesRecognition and Measurement in Financial Statements of Business Enterprises, {Processor note: add italics} even though they do not meet either the contractual-legal criterion or the separability criterion (for example, specially-trained employees or a unique manufacturing process related to an acquired manufacturing plant).plant) {glossary definition}. Such transactions commonly are bargained exchange transactions that are conducted at arm’s length, which provides reliable evidence about the existence and fair value of those assets. Thus, those assets shall be recognized as intangible assets.

  • >

    Defensive Intangible Assets

350-30-25-5 A defensive intangible asset, other than an intangible asset that is used in research and development activities, shall be accounted for as a separate unit of accounting. Such a defensive intangible asset shall not be included as part of the cost of an entity’s existing intangible asset(s). For implementation guidance on determining whether an intangible asset is a defensive intangible asset, see paragraph 350-30-55-1. For guidance on intangible assets acquired in a business combination or in an acquisition by a not-for-profit entity that are used in research and development activities (regardless of whether they have an alternative future use), see paragraph 350- 30-35-17A. For guidance on intangibles that are purchased from others for a particular research and development project and that have no alternative future

76

Document info
Document views359
Page views359
Page last viewedWed Dec 07 20:50:27 UTC 2016
Pages125
Paragraphs3446
Words39606

Comments