FASB Abandons One Proposed FSP; Issues Another
May 31, 2006
On May 31, 2006, the Financial Accounting Standards Board (FASB) voted to abandon one proposed FASB Staff Position (FSP), and released another.
At its board meeting on May 31, after considering comment letters received on Proposed FSP No. FAS 142-d, "Acquired Renewable Intangible Assets," the FASB voted to abandon the proposed FSP. Further information is available here.
Separately, on May 31, FASB released Proposed FSP No. AUG-AIR-a, "Accounting for Planned Major Maintenance Activities." This proposed FSP would apply to all industries, and would prohibit the accrue-in-advance method for planned major maintenance. The 60 day comment period ends July 31. Further information is available here.