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Tuesday, April 03, 2007

AGA FMSB Weighs in on Intangible Assets

AGA's Financial Management Standards Board (FMSB) sent a comment letter March 23 to the Governmental Accounting Standards Board (GASB) on the Exposure Draft of a proposed statement, Accounting and Financial Reporting for Intangible Assets. In the comment letter, the FMSB asked that the GASB consider clarifying terms used in the ED such as “minimal incremental effort” and “nonfinancial nature” and commented on the specified-conditions approach to recognizing internally generated intangible assets.

Read the letter

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