Advocating on behalf of the office of the CFO, Riveron's technical accounting advisors comment on the FASB's proposed accounting standards updates related to – Accounting for and Disclosure of Intangibles [File Reference No. 2024-ITC200].
Riveron comments on Accounting for and Disclosure of Intangibles: In May 2025, Riveron submitted comments to the Financial Accounting Standards Board (FASB) on Accounting for and Disclosure of Intangibles [File Reference No. 2024-ITC200].
Our comments support the Board's efforts. We commend the Board's comprehensive efforts to explore whether standard setting initiatives would improve the accounting for and disclosure of intangible assets. While we support the Board's objective to explore improvements to the accounting for intangibles, we do not believe there is a need to significantly revise current US GAAP related to intangibles. We believe the FASB should instead prioritize achievable, narrow-scope intangible asset projects, which would be more effective in addressing current complexities and expanding disclosures to enhance transparency.
For further perspective on proposed accounting standard updates and what these changes could mean for your organization, please contact our technical accounting experts Brian Allen, Patrick Garrett, Lara Long, Christie Hutchison or Olga Markiv.
Explore the relevant details in Riveron's comment letter and appendix.
About the comment letter process:
Riveron regularly submits comment letters to the FASB on various amendments to U.S. Generally Accepted Accounting Principles (GAAP) proposed by the Board. The FASB's comment process is designed to ensure transparency in the standard-setting process. Riveron's technical accounting team is a proud stakeholder in this process, monitoring all proposed changes and amendments on behalf of its clients. The FASB relies on the input of practitioners and financial statement stakeholders who are familiar with the day-to-day accounting challenges and opportunities faced by CFOs and accounting leaders.
After thoroughly reviewing comments and making any necessary revisions, the FASB may issue the final accounting standards updates. These final standards are published in the FASB Accounting Standards Codification (ASC), which provides the official text for USGAAP. The final standards will also include a detailed explanation of the changes and their effective dates.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
