In our comment letter responding to the FASB’s Proposed Statement of Financial Accounting Concepts, Conceptual Framework for Financial Reporting – Chapter 5: Recognition and Derecognition, we generally agree with the Board that an item must meet all three criteria outlined in the proposal in order to be recognized in the financial statements, and further agree that an item should be derecognized when it fails to meet any one of the same three criteria.
However, we identified a few areas in existing U.S. GAAP that could possibly be considered inconsistent with the proposed concepts, such as the current guidance for internally generated intangible assets.
Download our letter to read our comments in full.
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