FASB proposes revenue ASU on licensing and identifying performance obligations
May 12, 2015
On May 12, 2015, the Financial Accounting Standards Board issued proposed ASU, “Identifying Performance Obligations and Licensing”, that would amend certain aspects of the Board’s May 2014 revenue standard, specifically the guidance on identifying performance obligations and the implementation guidance on licensing.
The amendments are being made in response to feedback received by the IASB–FASB joint revenue recognition transition resource group (TRG), which was formed to address potential issues associated with the implementation of ASU 2014-09.
Comments on the proposed ASU are due by June 30, 2015.
The IASB intends to issue a separate exposure draft, Clarifications to IFRS 15 Revenue From Contracts With Customers: Issues Emerging From TRG Discussions, by the end of the second quarter of 2015.
For more information, see the proposed ASU on the FASB’s website.
