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Overview
Our publication summarizes the FASB’s issued final guidance amending ASC 350-40, Intangibles – Goodwill and Other – Internal-Use Software, to clarify and modernize the accounting for costs related to internal-use software. The guidance is effective for all entities for fiscal years beginning after 15 December 2027, and interim periods within those fiscal years. Entities may apply the guidance using a prospective, retrospective, or modified transition approach. Early adoption is permitted.