FASB ISSUES TECHNICAL IMPROVEMENTS TO REVENUE RECOGNITION GUIDANCE
Norwalk, CT, December 21, 2016—The Financial Accounting Standards Board (FASB) today issued a final Accounting Standards Update (ASU)
that clarifies aspects of the revenue recognition guidance issued in
2014. The changes are based on input received from FASB stakeholders
and its Revenue Recognition Transition Resource Group (TRG).
The amendments in this ASU are expected to clarify the FASB Accounting
Standards Codification® to prevent unintended application of guidance.
Like most technical corrections, the changes generally are not expected
to have a significant effect on current accounting practice or create a
significant administrative cost for most companies or other
organizations.
The ASU is available at www.fasb.org.
About the Financial Accounting Standards Board
Established in 1973, the FASB is the independent, private-sector,
not-for-profit organization based in Norwalk, Connecticut, that
establishes financial accounting and reporting standards for public and
private companies and not-for-profit organizations that follow Generally
Accepted Accounting Principles (GAAP). The FASB is recognized by the
Securities and Exchange Commission as the designated accounting standard
setter for public companies. FASB standards are recognized as
authoritative by many other organizations, including state Boards of
Accountancy and the American Institute of CPAs (AICPA). The FASB
develops and issues financial accounting standards through a transparent
and inclusive process intended to promote financial reporting that
provides useful information to investors and others who use financial
reports. The Financial Accounting Foundation (FAF) supports and oversees
the FASB. For more information, visit www.fasb.org.