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FASB proposes additional technical corrections and improvements to its new revenue standard

  • FASB (US Financial Accounting Standards Board) Image

Sep 19, 2016

The FASB has issued a proposed Accounting Standards Update (ASU), "Technical Corrections and Improvements to Update 2014-09, 'Revenue From Contracts With Customers' (Topic 606) — Additional Corrections."

The proposal, which constitutes the second set of revenue-related technical corrections (i.e., minor changes) the FASB has exposed for comment this year, would affect the following aspects of the new revenue standard:

  • Loan guarantee fees.
  • Contract assets versus receivables.
  • Refund liabilities.
  • Advertising costs.

Comments on the proposed ASU are due by October 4, 2016. For more information, see Deloitte's related journal entry as well as the proposed ASU on the FASB’s Web site.

Correction list for hyphenation

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