The FASB announced today a meeting will be held on February 10, 2016 at 9 AM EST on Narrow Scope Improvements. The meeting can be observed live via webcast or in person. Attending in person requires registration at the FASB website.
Per the FASB website:
The Board will redeliberate changes proposed in its September 2015 Proposed Accounting Standards Update, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, in light of stakeholder feedback received. The Board also will discuss whether to add a practical expedient to the disclosure requirement for remaining performance obligations in Topic 606.
Topics covered in the proposed ASU include the following:
- Assessing the collectibility criterion
- Presentation of sales taxes and other similar taxes collected from customers
- Noncash consideration
- Contract modifications at Transition
- Completed contracts at Transition
CLICK HERE to view the proposed ASU.