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FASB discusses feedback on revenue-related proposal at February 10 meeting

  • FASB meeting Image

Feb 11, 2016

At its February 10, 2016, meeting, the FASB discussed feedback on its proposed ASU, "Revenue From Contracts With Customers: Narrow-Scope Improvements and Practical Expedients," and reaffirmed its positions on practical expedients related to (1) collectibility, (2) presentation of sales taxes and other similar taxes collected from customers, (3) noncash consideration, and (4) contract modifications and completed contracts at transition.

In addition, the FASB directed its staff to begin drafting a final ASU for written ballot. For more in­for­ma­tion, see Deloitte’s related journal entry as well as the meeting minutes on the FASB’s Web site.

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