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IASB and FASB converging on purchased in-process R&D

  • FASB (old) Image

14 Aug 2003

In its project on purchase method procedures, the US FASB has tentatively decided to eliminate the requirement in FASB Interpretation No.

4, Applicability of FASB Statement No. 2 to Business Combinations Accounted for by the Purchase Method, to charge to expense certain in-process research and development assets acquired in a business combination. The IASB's proposed amendments to IAS 38 clarify that, in a business combination, an acquirer must recognise separately from goodwill "any of the acquiree's in-process research and development projects that meet the definition of an intangible asset".

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