The FASB is asking a big question: Should we rethink how we recognize intangibles on the balance sheet? In its newly released Invitation to Comment: Recognition of Intangibles, the Board explores whether current GAAP adequately reflects today’s innovation-driven business models—especially when it comes to internally developed assets like R&D, software, and brand value. The ITC invites feedback on whether to align recognition across internally developed intangibles, asset acquisitions, and business combinations, and what trade-offs might come with that change.
If you’ve got thoughts, comments are due by May 30, 2025—this is your chance to help shape the future of financial reporting.
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.
Before joining GLS, Peter worked at a Big 4, specializing in auditing healthcare companies in both public and private sectors. He later transitioned to an Internal Audit role at a Fortune 500 company before returning to public accounting at a national firm, where he focused on audits involving business combinations, asset acquisitions, GAAP to IFRS conversions, and technology implementations.
FASB Invitation to Comment—Recognition of Intangibles
Comments and feedback are due by May 30, 2025.
