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FASB proposes clarifications to its new revenue standard

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

Sep 30, 2015

On September 30, 2015, the Financial Accounting Standards Board (FASB) issued a proposed ASU, "Narrow-Scope Improvements and Practical Expedients", that would amend certain aspects of the Board’s May 2014 revenue standard, ASU 2014-09, "Revenue From Contracts With Customers".

The amendments, which are being proposed in response to feedback received by the FASB–IASB joint revenue recognition transition resource group (TRG), include the following:

  • Collectibility and contract termination.
  • Presentation of sales tax collected from customers.
  • Non-cash consideration.
  • Contract modifications at transition.
  • Completed contracts at transition.
  • Transition technical correction.

The proposed ASU’s effective date and transition provisions would be aligned with the requirements of ASU 2014-09, which, once finalized, will be deferred by one year.

Comments on the proposed ASU are due by November 16, 2015.

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

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