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Biotech / Medical : Munch-a-Biotech Today
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To: LLCF who wrote (508)7/29/1999 11:11:00 AM
From: sim1  Read Replies (1) of 3158
 
[FASB] NEWS RELEASE 7/28/99

FASB Not to Pursue Accounting Treatment for
Purchased R&D

Norwalk, CT, July 28, 1999—The Financial Accounting Standards
Board today announced that it would postpone its consideration of
the accounting treatment for purchased in-process research and
development costs until a later date. Current accounting treatment,
which allows companies to write off purchased research and
development immediately in an acquisition would remain the same.
The Board had tentatively decided earlier this year to require
companies to capitalize purchased research and development cost
and amortize that amount over its useful life.

FASB Chairman Edmund L. Jenkins explains: "As with every issue
the Board examines, we continue our in-depth research on the
subject until we are satisfied that we have looked at all aspects of the
issue. During our research and deliberations on this issue—which
included extensive discussions with constituents—we concluded that
it was not possible to address purchased R&D costs separately from
other R&D costs. We will probably consider R&D in its entirety at
some future date when we have the resources necessary to pursue
the issues. Considering R&D issues in a more comprehensive way
will give investors better, more consistent and complete information
about R&D costs. In the meantime, however, we will continue to look
at other business combinations issues including the pooling of
interests and purchase methods of accounting and goodwill. We
expect to have a proposal for public comment on those issues in the
near future."
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