We've been on the outlook for the official release of the AICPA’s Financial Reporting Executive Committee's (FinREC) new accounting and valuation guide, Assets to Be Acquired to Be Used in Research and Development Activities. And, finally, the working draft hit the streets earlier this week.
“This guide, which will replace the practice aid that was originally issued in 2001, provides guidance and illustrations for valuation specialists, preparers of financial statements, and independent auditors related to initial and subsequent accounting for, disclosures, and valuation of, acquired in-process research and development (IPR&D) assets,” says a recent FinREC letter to task force members. “This guide addresses many new accounting and valuation issues that have emerged over the years,” and the working draft is available here.
“Interested parties are encouraged to review the working draft and submit their informal feedback by March 15, 2012,” the task force letter continues. “We realize that most of you will be busy after the year-end and appreciate any effort that you could take between now and busy season to provide us with your informal feedback.”