FASB Staff Proposes GAAP Taxonomy Improvements Related to Internal-Use Software and Determining the Acquirer in a Business Combination

The FASB has released proposed GAAP taxonomy enhancements related to the following recently issued proposed Accounting Standards Updates:

• Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (see release notes).
• Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (see release notes).

Comments are due by (1) January 27, 2025, for the proposed taxonomy improvements related to internal-use software and (2) December 16, 2024, for the proposed taxonomy improvements related to determining the acquirer in a business combination.