By Ken Tysiac
December 22, 2016
FASB issued technical improvements Wednesday to its new revenue recognition standard to address 13 narrow issues related to the standard. – See more at:
The amendments affect:
– Loan guarantee fees.
– Impairment testing related to contract costs.
– The interaction of impairment testing related to contract costs with guidance in other topics.
– Provisions for losses on construction-type and production-type contracts.
– Clarification that all contracts within the scope of FASB Accounting Standards Codification Topic 944, Financial Services—Insurance, are excluded from the scope of the revenue recognition standard.
– Disclosure of remaining performance obligations.
– Disclosure of prior-period performance obligations.
– An example related to contract modifications.
– Contract assets vs. receivables.
– Refund liability.
– Advertising costs.
– Fixed-odds wagering contracts in the casino industry.
– Cost capitalization for advisers to private funds and public funds.
The amendments take effect at the same time as the new revenue recognition standard, which is effective for public companies for annual and interim reporting periods beginning after Dec. 15, 2017.
– See more at: http://www.journalofaccountancy.com/news/2016/dec/fasb-issues-improvements-to-revenue-recognition-standard-201615755.html#sthash.d2QOS0kq.dpuf