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2016

October 21, 2016 — FASB Approves Technical Corrections and Improvements to New Revenue Standard

FASB Approves Technical Corrections and Improvements to New Revenue Standard

Accounting Journal Entry
October 21, 2016
On May 18, 2016, the FASB issued a proposed ASU1 (the “May proposed ASU”) that would amend certain aspects of the Board’s new revenue standard, ASU 2014-09.2 On August 31, 2016, the FASB met to discuss the feedback received in response to the nine issues included in the May proposed ASU.3 The FASB also discussed additional potential technical corrections (the “phase two amendments”) and subsequently issued an additional proposed ASU4 on September 19, 2016 (the “September proposed ASU”). Comments on the September proposed ASU were due October 4, 2016.5

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