FASB proposes additional technical corrections and improvements to its new revenue standard
19 Sep 2016
The US Financial Accounting Standards Board (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,” which would make minor changes to the Board’s new revenue guidance. This proposed ASU is the second set of technical corrections on revenue proposed by the FASB this year.
The following narrow-scope topics were brought to the FASB’s attention after the initial deliberations of the May 2016 proposed ASU:
- Loan guarantee fees.
- Contract asset versus receivables.
- Refund liabilities.
- Advertising costs.
Comments on the proposed ASU are due by 4 October 2016. For more information, see the proposed ASU on the FASB’s website.
