The Financial Accounting Standards Board (FASB) has issued a new Generally Accepted Accounting Principles (GAAP) alternative that is designed to make accounting for certain intangible assets acquired in a business combination less costly and less complicated for private companies.
Accounting Standards Update No. 2014-18, Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination, describes the alternative, which was designed by the Private Company Council and endorsed by FASB. Read more HERE.