The Financial Accounting Standards Board issued a proposed Accounting Standards Update Wednesday intended to simplify the accounting for a customer’s fees paid in a cloud computing arrangement.

Part of FASB’s simplification initiative, the update, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement, aims to improve financial reporting of fees paid to public and private companies and not-for-profit organizations that are customers in a cloud computing arrangement.

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