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FASB Proposes More Changes to Revenue Standard

Tammy Whitehouse | September 30, 2015

The Financial Accounting Standards Board is asking for feedback on its planned fixes to the revenue recognition standard to address implementation challenges around collectibility, taxes, noncash consideration, contract modifications, and other technical issues.

FASB has published an exposure draft to revise the guidance in Accounting Standards Codification Topic 606, which addresses how to account for revenue arising from contracts with customers. FASB describes the proposed amendments as narrow-scope improvements and practical expedients that would not change the core principles of the new revenue recognition standard, which takes effect in 2018.

With respect to collectibility...

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