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Accounting Standards for Private Enterprises

AcSB Exposure Draft – Relief from Recognition of Acquired Intangible Assets and Amortization of Goodwill

Summary

The AcSB proposes amendments to Sections 1582, Business Combinations, and 3064, Goodwill and Intangible Assets. The proposals would allow private enterprises to amortize goodwill and provide optional relief from recognizing intangible assets acquired in a business combination.

Staff Contact(s)

Katharine Christopoulos, CPA, CA Director, Accounting Standards Board

Phone number  +1 416 204 3270
Email address  [email protected]

Thank you for responding to the AcSB Exposure Draft, “Proposed Accounting Standards for Private Enterprises Relief from Recognition of Acquired Intangible Assets and Amortization of Goodwill.”

Read what respondents had to say and stay up to date with this project.

Exposure Draft – Proposed Accounting Standards for Private Enterprises Relief from Recognition of Acquired Intangible Assets and Amortization of Goodwill
Response Booklet – AcSB Exposure Draft – Amendments to Sections 1582, Business Combinations, and 3064, Goodwill and Intangible Assets

Support Materials

Subsequent Measurement of Goodwill and Acquired Intangible Assets

Background

The AcSB received feedback that current ASPE requirements for recognizing intangible assets acquired in a business combination and testing goodwill for impairment are costly and complex. In response, the Board proposes amendments to allow amortization of goodwill and optional relief from recognizing acquired intangible assets. These changes aim to simplify financial reporting for private enterprises while maintaining transparency and relevance for financial statement users.