Issuance of ASC 805 (formerly SFAS 141R) and ASC 820 (formerly SFAS 157) had a significant impact on treatment of acquired in-process research and development (IPR&D) assets. The final version of the revised AICPA Accounting and Valuation Guide, Assets Acquired to Be Used in Research and Development Activities, is expected to be released in December. It is the culmination of four years of effort , updating the original 2001 practice aid to reflect the latest requirements and best practices developed over the previous years. Join us for this webcast on December 17 (1-3 p.m. ET), during which representatives from the Task Force which updated this guide will discuss the key topics covered in the revised guide, including:
- Differences in accounting treatment of IPR&D assets acquired in a business combination vs. asset acquisition - Key accounting considerations such as "used in R&D activities" criteria, unit of account, defensive IPR&D assets, useful life of completed intangible assets used in R&D activities, elimination of core technology concept - New chapter which addresses subsequent Day 2 accounting for acquired IPR&D assets - Detailed step-by-step guidance on how to measure fair value of IPR&D assets acquired in a business combination, asset acquisition, or, subsequently, for impairment testing and measurement purposes - New valuation methodologies discussed and illustrated in the guide that are now frequently used for valuing IPR&D assets - New discussion and interpretive guidance on the DRAT vs. EPVT1 and EPVT2 - And more!
Learning Objective: By the end of this webcast learners will become familiar with key changes and main provisions of this revised guide