EITF Discusses Three Issues at June Meeting

At its meeting yesterday, the EITF discussed assumed liabilities in revenue contracts, the interaction between ASC 321 and ASC 323, and contract modifications of licenses of intellectual property.

Specifically, the EITF discussed the following Issues:

• Issue 18-A, “Recognition Under Topic 805 for an Assumed Liability in a Revenue Contract.”
• Issue 19-A, “Financial Instruments — Clarifying the Interaction between Topic 321 and Topic 323.”
• Issue 19-B, “Revenue Recognition — Contract Modifications of Licenses of Intellectual Property.”

For a detailed summary of the meeting, see Deloitte’s June EITF Snapshot as well as the meeting recap on the FASB's Web site.