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Deloitte comments on FASB's proposal on modification accounting in ASC 718

Published on: Jan 09, 2017

Deloitte & Touche LLP comments on the FASB's proposed ASU Scope of Modification Accounting, which was issued in November 2016.

An excerpt from the comment letter is shown below:

We support the Board’s efforts under its simplification initiative to improve aspects of U.S. GAAP that are unnecessarily complex and costly. We believe that the proposed ASU furthers these objectives and will reduce diversity in practice for financial statement preparers without adversely affecting the utility of the financial statements.

For more information, see the full text of the comment letter which is available below.

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