Stages Out, Simplicity In: FASB’s New Proposal on Internal-Use Software Accounting!
With the rise of agile development and modern technology, it’s time to ditch the old stage-based approach and embrace updates that better reflect how software is developed today.
Here’s what’s proposed:
- Modernization: Streamlined accounting rules for internal-use software (Subtopic 350-40) that align with contemporary methods.
- Transparency: Improved visibility into cash flows tied to software costs for smarter investor insights.
- Clarity: Simplified guidance that brings website development costs under the same umbrella.
Want to weigh in? The comment deadline is January 27, 2025. Let’s shape the future of software cost accounting together!
What are your thoughts? Is this the software upgrade we’ve been waiting for?
SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members.
With extensive experience in auditing and technology, Peter serves as an Audit Training Facilitator at Galasso Learning Solutions. His expertise in auditing healthcare companies, employee benefit plans, and private companies with complex transactions has made him a key contributor to the development of technical accounting training programs.
Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)
The comment deadline is January 27, 2025. Let’s shape the future of software cost accounting together!