**Just Announced** FASB to meet Wednesday, February 10 on Narrow Scope Improvements #RevRec

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.