GAAP Dynamics: Technical Corrections to ASC 606 - The New Revenue Recognition Standard #RevRec

GAAP Dynamic summarized technical corrections made to ASC 606 with the FASB's issuance of ASU 2016-20 at the end of 2016.

From the article:

As part of its Technical Corrections and Improvements agenda, the FASB issued ASU 2016-20, its last pronouncement of the 2016 calendar year, to clarify several inconsistencies that stakeholders pointed out through the Revenue Recognition Transition Resource Group (TRG) or other feedback mechanisms. The ASU addresses 13 specific issues that originated from the original issuance of ASC 606 in ASU 2014-09 or subsequently released amendments. In the interest of being as brief as possible, this post will only cover what I believe are the more significant or pervasive corrections covered in ASU 2016-20.

Refer to the FASB website for the full text of ASU 2016-20.