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FASB Updates Goodwill, Certain Identifiable Intangible Assets for Nonprofits

June 4, 2019

The Financial Accounting Standards Board issued an accounting standards update that reduces the cost of accounting for goodwill and measuring certain identifiable intangible assets for not-for-profit organizations, effective immediately. The options had been available to private companies since 2014, and the most recent update extends the scope of those options to nonprofits, enabling organizations to recognize fewer items as separate intangible assets in acquisitions and to account for goodwill in a more cost-effective manner. Read more (PDF) at the FASB website.