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FASB issues technical corrections and improvements to its new revenue standard

  • FASB document Image

Dec 22, 2016

The FASB has issued ASU 2016-20, “Technical Corrections and Improvements to Topic 606, ‘Revenue From Contracts With Customers,’” which would make minor changes to the Board’s new revenue guidance.

The tech­ni­cal cor­rec­tions affect the fol­low­ing narrow aspects of the new revenue stan­dard:

  • Loan guarantee fees.
  • Con­tract costs — im­pair­ment testing.
  • Con­tract costs — in­ter­ac­tion of im­pair­ment testing with guid­ance in other topics.
  • Pro­vi­sions for losses on con­struc­tion-type and pro­duc­tion-type con­tracts.
  • Scope of the new revenue stan­dard.
  • Dis­clo­sure of re­main­ing per­for­mance oblig­a­tions.
  • Disclosure of prior-period performance obligations.
  • A con­tract mod­i­fi­ca­tion example.
  • Contract asset versus receivable.
  • Refund liability.
  • Advertising costs.
  • Fixed-odds wa­ger­ing con­tracts in the casino in­dus­try.
  • Cost cap­i­tal­iza­tion for ad­vis­ers to private and public funds.

For more in­for­ma­tion, see the ASU on the FASB’s Web site.

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