(From Journal of Accountancy) In late May, the Financial Accounting Standards Board issued a standard that makes non-for-profits eligible for the private company alternatives on accounting for goodwill and accounting for identifiable intangible assets in a business combination. The standard will enable not-for-profits to recognize fewer items as separate intangible assets in acquisitions and to account for goodwill in a more cost-effective manner. This can make accounting less complicated and less costly for not-for-profits.
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