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Journal entry — AICPA issues working draft of guide on assets acquired to be used in R&D activities

Published on: Nov 18, 2011

Yesterday, the AICPA’s Financial Reporting Executive Committee released for public comment a working draft of its Accounting and Valuation Guide Assets Acquired to Be Used in Research and Development Activities. Originally issued in 2001 as a practice aid, this guide provides nonauthoritative accounting and valuation guidance on and examples illustrating the accounting for, disclosures, and valuation of acquired in-process research and development (IPR&D) assets. The working draft includes updates for the many new accounting and valuation issues that have emerged since the practice aid’s original issuance (e.g., fair value measurements and changes in IPR&D assets acquired in business combinations).

Comments on the working draft are due by March 15, 2012.

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