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2017

January 5, 2017 — FASB Issues Technical Corrections and Improvements to New Revenue Standard

Deloitte Accounting Journal
January 5, 2017

FASB Issues Technical Corrections and Improvements to New Revenue Standard

On December 21, 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue From Contracts With Customers, which amends certain aspects of the Board’s new revenue standard, ASU 2014-09.1 ASU 2016-20 is the result of a proposed ASU2 issued in May (the “May proposed ASU”) and an additional proposed ASU3 issued in September (the “September proposed ASU”).

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