The comment period is drawing to a close on the draft versions of two AICPA Accounting and Valuation Guides.
Last November, the American Institution of CPAs’ Financial Reporting Executive Committee, also known as FinREC, released working drafts of the two AICPA guides: Testing Goodwill for Impairment and Assets Acquired to Be Used in Research and Development Activities. The AICPA said feedback on the two working drafts will be accepted until May 24, 2012.
The AICPA is mainly looking for input from valuation specialists, preparers, auditors, financial statement users and other interested parties to further inform the development of these guides.
Final versions of the guides will be issued once all the comments have been received, considered, and appropriately acted upon by FinREC.