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FASB proposes guidance on principal-versus-agent considerations

  • FASB (US Financial Accounting Standards Board) (lt blue) Image

Aug 31, 2015

On August 31, 2015, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU), "Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net).”

The amendments, which are being proposed in response to feedback received by the FASB–IASB joint revenue recognition transition resource group, intend to clarify certain guidance related to principal versus agent considerations.

Comments on the proposed ASU are requested by October 15, 2015.

The IASB also issued an ED on this topic; the proposed amendments in the IASB’s ED are the same as those in the FASB’s ASU.

Review the press release and proposed ASU on the FASB’s Web site.

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