Wiley GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles 2015

Chapter 24ASC 350 INTANGIBLES—GOODWILL AND OTHER

PERSPECTIVE AND ISSUES

   Subtopics

   Scope Exceptions

   Issues

   Technical Alert

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

   Goodwill (ASC 350-20)

   Measuring Fair Value

   General Intangibles Other Than Goodwill (ASC 350-30)

   Software Developed for Internal Use (ASC 350-40)

   Website Development Costs (ASC 350-50)

PERSPECTIVE AND ISSUES

Subtopics

ASC 350, Intangibles—Goodwill and Other, consists of five subtopics:

• ASC 350-10, Overall, which provides guidance for accounting and reporting on intangible assets
• ASC 350-20, Goodwill, which provides guidance on accounting for goodwill subsequent to acquisition and for the cost of internally developed goodwill. The guidance in this section is presented in two subsections – a. General and b. Accounting Alternative.
• ASC 350-30, General Intangibles Other Than Goodwill, which provides guidance on accounting and reporting for intangible assets other than goodwill acquired individually or with a group of other assets
• ASC 350-40, Internal-Use Software, which provides guidance on accounting for software developed for internal use and determining whether that software is for internal use
• ASC 350-50, Website Development Costs, which provides guidance on accounting for costs associated with the development of a website, including costs incurred:
  • In the planning, application development, infrastructure development, and operating stages
  • To develop graphics and content.