Big Four, Apple weigh in on FASB’s proposed software guidance
Summary
• None While a number of the respondents suggested some changes, many like Apple also expressed general support for the broader effort to update the guidance that has been untouched for decades. Currently there are two principal standards that govern accounting for software development under U.S. GAAP, according to Scott Muir, a partner in KPMG’s national office. If finalized, the FASB’s new proposal for Intangibles—Goodwill and Other—Internal-Use Software would mark the first time that this element of GAAP has been updated since it was issued in 1998, Muir said in an interview. Despite the historical nature of the changes intended to modernize GAAP, the new accounting is not expected to affect all types of companies. But in its Jan. 24 comment letter to the FASB, KPMG suggested that the proposed ASU be more closely aligned with guidance for external software.
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