GASB EXPOSURE DRAFT ON INTANGIBLES

GAAFR Review, March, 2007 by Gauthier, Stephen J

In late December 2006, the Governmental Accounting Standards Board (GASB) released an exposure draft (ED) of a proposed new statement on Accounting and Financial Reporting for Intangible Assets. The GASB has set a comment deadline of March 23, 2007, for those desiring to respond to the ED. In addition, the board has scheduled a public hearing on the ED for the afternoon of Tuesday, April 3, 2007, at its offices in Norwalk, Connecticut.

This article will briefly examine the current authoritative guidance on intangibles. It will then outline the key elements of the guidance proposed in the ED. The full text of the ED is available for free at the GASB's Web site (www.gasb.org).

Background

Governments frequently must account for intangible assets. Examples of...

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